EURUSD (1.2381): The EURUSD was bullish on Monday with price action rallying to test the resistance level at 1.2400 briefly before pulling back. The retest to this resistance level could once again see some downside momentum in price action. With the EURUSD trading sideways within 1.2400 and 1.2300, further gains can be expected only on a breakout above 1.2400. To the downside, we expect the declines to be limited to the support level at 1.2300.
