EURUSD (1.2283): The EURUSD was seen trading within the range established from Tuesday forming an inside bar as a result on the daily chart. A breakout from this range could potentially establish a short term direction. With the resistance level at 1.2300 formed, we expect a breakout to the downside as price action is likely to test the lower support level at 1.2250. In the event that the euro breaks out higher, then watch for a close above 1.2300. Price action could be seen then testing the next resistance level at 1.2385.
