EUR/USD - Back Under 1.2163 Favours an Extension Lower
EUR/USD appears to be in the midst of a shortterm corrective phase higher. Scope is seen for a test of the 1.2300 region before a longer lasting high may form.
An earlier break back under 1.2163 will warn of a lower high already being in place at the days high (1.2283)
In a similar manner to EUR/USD, the USD Index is also correcting lower. A higher low is now sought above the 82.879 high made on 28 June.