EURUSD (1.2311): The EURUSD was seen posting declines last week. Despite the attempts to close on a bullish note last Thursday, price action settled lower on the day. Friday’s session closed within Thursday’s range forming an inside bar as a result. We expect that the breakout will be to the downside given the retest of resistance level near 1.2363 – 1.2330 on the 4-hour chart. Unless EURUSD posts a strong breakout to the upside, we expect to see the declines continuing lower in the medium term. EURUSD remains on track to target the lows of 1.2212 from 9 February and a break down below this low will extend the declines to 1.2090.
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