EURUSD (1.2387): The EURUSD was seen trading within a small range yesterday but price action managed to close on a bearish note. With price now trading close to the support level established around 1.2363 – 1.2330, we expect to see a modest rebound in the near term. The minor breached support level at 1.2443 could now turn to resistance on a rebound. A break down below 1.2330 is required in order for EURUSD to post further declines in the medium term. In the event that the currency pair closes above 1.2443 on a daily basis, we could expect to see price continuing to consolidate above the mentioned support level.
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