EURUSD (1.2224): The EURUSD currency pair was seen posting a modest rebound following the declines from the past few days. After price action fell to an 8-week low. The rebound off the lows from 1.2203 sent prices briefly higher only to test the upper resistance level at 1.2250. In the near term, we expect the EURUSD to consolidate within the resistance and support levels of 1.2250 and 1.2200 region. A breakout from this range could most likely signal the next direction in the currency pair. We expect to see the EURUSD retesting the upper main resistance level of 1.2300.
