EURUSD (1.2017): The EURUSD rallied to a 3-monh high on an intraday basis on Friday closing in at 1.1997. The common currency maintained the gains as it opened on Tuesday near the same levels. In the short term, we expect that the EURUSD is likely to maintain the upside momentum. However, consolidation is expected as price action approaches the 1.2000 – 1.2050 handle. At the time of writing, EURUSD is seen trading near the highs. We expect to see short term correction in prices taking place. Support at 1.1920 remains the initial support to the downside, followed by a steeper test of support at 1.1843 – 1.1822.
