EURUSD (1.2239): The EURUSD resumed the declines yesterday as prices briefly tested a fresh monthly low on an intraday basis before pulling back. Price action is seen consolidating near the 1.2243 level of support and this support could hold the declines in the near term. We expect to see EURUSD attempting to post a rebound in the near term, but with resistance at 1.2300 the common currency could be seen trading within this range. A breakout from either of these levels will set the path for the next leg in the rally or declines. Resistance at 1.2385 remains as a target to the upside while below 1.2243, the next support at 1.2188 will be tested.
