EURUSD: With EUR holding above its broken resistance zone at the 1.2692/1.2748 levels, further upside gain is likely. It now faces the risk of moving higher towards the 1.2839 level where its daily 200 ema is located. A breather may occur and turn the pair back lower at this level but if this fails to occur, expect the pair to strengthen further towards the 1.2900 level. Its daily RSI is bullish and pointing higher supporting this view. The alternative scenario will be for the pair to return to the 1.2692/1.2748 levels where a reversal of roles could occur. Further down, support lies at the 1.2442 level where a violation will expose the 1.2239 level. A clearance of here will set the stage for a move lower towards the 1.2132/17 levels. All in all, EUR continues to face upside recovery threats.

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Tags: analysis, forex, research, technical

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