EURUSD (1.2126): The EURUSD was seen attempting to recover from the ECB led declines from Thursday. Price action touched down to the lows of 1.2055 before a modest recovery. The decline to 1.2055 marks a touchdown to the support level and we expect to see a rebound in price in the near term. Resistance at 1.2180 is likely to be the upside target if price action can hold the current support levels. Further gains cannot be ruled out, but the next resistance level is seen at 1.2250. In the near term, we expect EURUSD to hold the range within 1.2180 and 1.2090 – 1.2070 levels.
