We popped up to 1.2421 yesterday afternoon as a strong bout of profit taking took the cross off earlier all time lows of 1.2300.
Seems the sellers are back in the groove this morning after the Asian market extended the rally to 1.2447, as the pair slips back under 1.2400 again to 1.2379.
There is some trendline resistance to break through (from Nov 23 highs) which comes in around 1.2475 if this is going to turn back up in the near term. Otherwise a revisit of yesterday’s lows looks on the cards again.
