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EUR/USD: Returns to Test the 1.2408 Low

EUR/USD spiked higher yesterday to re-test the 1.2408 key low made at the end of June. This now likely ends the corrective phase from 1.2063, with scope for a return to this region.

The 1.2408 level is now even more key to further downside, with a break back over this level neutralising our bearish bias in the shortrun.

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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