Euro was pushed higher during the session on Tuesday, though there were no major data releases both from Eurozone and USA. USD came under pressure as oil prices continue their decline, but also we must bare in mind the fact that euro went through huge downtrend recently, and we believe that it could go much lower, in long-term trends, but in order to do so we first must see a bit of bounce out and consolidation in the pair.
We can expect another session tomorrow in which pair is likely to go back and forth as there will be no major data releases. Area above 1.2450 level should offer resistance initially so this would be our short-term selling point, while we can now expect some amount of support around 1.2340 area. 1.25 handle would be our ultimate selling point as it should be massively resistive at the moment, and thus buying is not an option in long-term trends.
Last modified on Tuesday, 09 December 2014
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