EUR/USD: Consolidates Close to the Key Low at 1.2408
EUR/USD continues to consolidate just near the key low at 1.2408. We still expect this region to yield a degree of supply and view it as a reasonable entry point for longer-term shorts.
However a sustained move above 1.2443 will neutralise our current bearish bias in the nearterm time frame.
Longer-term structure present since 1.3486 continues to suggest a substantial extension lower in the coming months.