After rumors today that China may intervene in the yuan, nervousness surrounding the euro area has only increased in European trading Wednesday. This has been reflected in the price of the pair, which has hovered in a broad range between 1.2453 and 1.2511.
The cross is presently trading in the region of 1.2458, declining -0.24% below its opening level in these moments. According to the analysts at Mataf.net, the next support levels will be found at 1.2440, followed by 1.2396, and finally 1.2351. On the upside, a breach of 1.2529 will initiate additional resistances at 1.2574, then 1.2618.