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.