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EUR/USD - While Under 1.2408 a Return to 1.2063 is Favoured

EUR/USD appears to be in the midst of a corrective phase. In a similar manner to EUR/JPY we look for a re-test of the recent low at 1.2063 to guage if the pullback is complete at 1.2390.

A sustained break over 1.2408 is required to weaken the current bearish bias.

Longer-term in we focus on a weekly channel that suggests scope for a return to the 1.1000 region and potentially lower.

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