EURUSD: Reverses Gain, Pressures Upside
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EURUSD: While EUR faces a recovery prospect following its current rally and reversal of its Tuesday weakness, its broader downside bias is still intact. It will have to follow through higher on the mentioned strength towards the 1.2997 level or it faces the risk of a return to the downside. This could see it push back towards the 1.2837 level where a violation will aim at the 1.2795/35 levels, its key support levels. Below here will push it further lower towards the 1.2650 level and then the 1.2600 level. On the upside, resistance resides at the 1.2997 level where a break will target the 1.3050 level. Bears may come in and turn the pair back down. But if this fails, expect a recapture of the 1.3150 level. Further out, resistance resides at the 1.3242 level. All in all, EUR continues to retain its medium term downside bias despite consolidation