EURUSD (1.2334): The euro currency closed on Friday with price action subdued following last Thursday’s decline. The currency pair briefly fell close to the lower support at 1.2300 before posting a modest rebound. In the near term, the EURUSD is expected to remain supported above the 1.2300 level. However, a breakout to the downside below this level cannot be ruled out. We expect to see the EURUSD eventually post the declines back to 1.2250 level where support is yet to be established. To the upside, the currency must clear the resistance level of 1.2385 to post further gains.
