Forex: EUR/USD capped at 1.2350, breaks below 1.2300
The Euro has given back Asian session's gains on early European trading, and rejected at 1.2350, amid negative openings on European benchmark markets, the pair has pulled back to session low below 1.2300.
If the pair confirms below 1.2295/00, with next support levels could be at 1.2240/45 (intra-day support) and 1.2205 (Jun 23 low). On the upside, resistance levels lie at 1.2345/50 (intra-day resistance area), and above here, 1.2385 (Jun 24 high) and 1.2410 (intra-day resistance).
On a wider perspective, Slobodan Drvenica, technical analyst at Windsor Brokers Ltd observes the pair on the upside while above 1.2208: "Yesterday’s clearance of 1.2353 resistance, with positive daily/hourly studies, keeps scope for renewed attempt at 1.2468, break of which to open 1.2525/54 next. Immediate support stands at 1.2305/1.2295, while loss of 1.2208 renews near-term bears."
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