EURUSD (1.2282): The common currency was seen extending the declines yesterday marking a five day decline as prices fell to intraday lows of 1.2253. Initial resistance in the short term is seen at 1.2300 which could be tested. A reversal off this level could keep the EURUSD biased to the downside. However, in the event that the common currency manages to close above 1.2300, further gains could push the EURUSD towards the 1.2385 handle which marks a retest of a major resistance level. To the downside, the lower end of the range near 1.2243 is likely to hold the declines in the near term.
