EURUSD: Consolidating With Upside Bias.

Jan 18, 2012
EURUSD: Despite EUR’s consolidation threats, it continues to retain its bullish bias with risk of returning to the 1.3415 level. This if seen will aim at the 1.3450 level. Further out, resistance resides at the 1.3500 level and possibly higher towards the 1.3600 level. Conversely, support lies at the 1.3200 level where a reversal of roles as support is expected. Further down, support comes in at the 1.3189 level followed by the 1.3100 level where a violation will target the 1.3000 level. All in all, EUR continues to retain its broader upside bias though correcting lower.