EURUSD (1.2368): The EURUSD rallied to the 1.2400 area before retracing the gains. The test towards the 1.2400 region comes after the euro currency posted gains for four consecutive days following the rebound off the 1.2241 level of support. On the 4-hour chart, the multiple retests near 1.2385 suggests that the momentum in price action might be slowing. We expect the EURUSD to ease back from the current highs and maintain a sideways range within 1.23385 and 1.2300 region.
