EUR/USD - 1.2123.. Although euro remained on the back foot in Asia n European morning y'day after hitting a near 4-week trough of 1.2093 on Fri, price rebounded on active short covering in euro n rose to 1.2130 in NY b4 easing.

On the bigger picture, despite euro's LT upmove fm 2017 near 14-year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018, subsequent decline to a near 3-year 1.0637 low in Mar 2020 signals correction has ended. Despite an impressive upmove to a near 33-month 1.2349 peak in early Jan 2021, subsequent decline to 1.1705 (Mar) signals top is made. Having said that, euro's break of Apr's 1.2149 top to 1.2266 last Tue suggests pullback fm 1.2349 has ended n gain twd 1.2349 may be seen in late Jun/Jul b4 correction. On the downside, a daily close below 1.2052 sup indicates upmove fm 1.1705 is over n revives bearishness for a strong retracement of said move to 1.1987, then later twd 1.1868/73.

Today, as Fri's selloff to 1.2093 confirms decline fm 1.2266 (May) has resumed, price is en route to 1.2052 sup where a daily close below there would pressure euro twd 1.1987 later this week. Only a daily close abv 1.2144 signals temporary low is made n may risk stronger retracement to 1.2190/94.

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