EUR/USD – Lower high sought close to current region
EUR/USD continues to look strong in the short-term timeframe. However, the rise since 1.2446 is deemed to be the final leg higher in a corrective phase.
A break under 1.2437 is initially required to weaken the outlook, but ultimately a push under 1.2288 is required to reignite 1.1650 as our next target.
We seek higher levels to sell or await a break under 1.2437/1.2288.
It is also noted that we are approaching the 81.50 level in the USD Index from where strong support would be expected.