EURUSD (1.2406): The EURUSD was seen closing rather flat on the day following nearly four consecutive days of gains. With price action perched above 1.2363 level which previously served as resistance, any pullbacks are likely to extend to this level in the near term. The ECB’s meeting today will serve as the main catalyst for EURUSD. A break down below 1.2363 – 1.2333 region could signal the downside bias in price. EURUSD is likely to extend lower targeting 1.2090 – 1.2070 level of support eventually.
