Greg McKenna, Chief Executive at GlobalFX says: “a break of 1.2438 is needed to turn the outlook lower again.” For now, price seems to be respecting dynamic support at 1.2450 (9-day EMA). Further support is noted at 1.2425 (Nov 22 high) and 1.2395 (Nov 15 high). The 1.2470 are is now offered as immediate resistance, then 1.2490 and 1.2505 (Oct 11 low).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.