Forex: EUR/USD pulls back below 1.2300
Euro recovery from 1.1875, 4 year low extended ahead of the European opening to be rejected at 1.2355, 2-weeks high, and the pair pulled down afterwards, returning to levels below 1.2300, hitting session low at 1.2275.
At the moment, the Euro trades right below 1.2300, with immediate support at 1.2275 (session low), and below here, 1.2200 (intra-day support), and 1.2150/60 (Jun 3/15 low). On the upside, resistance levels lie at 1.2350/55 (Jun 15/ Jun 1 high), and above here, 1.2380/95 (intra-day level) and 1.2450 (May 28 high).
The pair, however, remains on the upside, targeting 1.2400, and pullbacks are seen good entry oportunities, According to by Asma Nazir, technical analyst at Automaticx: "EURUSD seems to have settled in upward trend and it seems that currently it is looking to target 1.2400 level. Traders will look to currently buy EURUSD especially on retracement dips."
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