EURUSD: Turns Lower On Correction

Jan 18, 2012
EURUSD: Unless EUR follows through lower on its past week losses, there is risk of a return to the to the upside. If this occurs, the 1.3451 level will be targeted. A break through here will set the stage for more strength towards the 1.3500 level with a break resuming its broader upside and turning attention to the 1.3550 level. Further out, resistance resides at the 1.3600 level. Conversely, on continued weakness, support lies at the 1.3200 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. All in all, EUR remains biased to the upside though correcting.