As per the previous post, the EURUSD had room to roam after the pathetic range through the London morning, and the sellers obliged with a move below the next target support at the 1.24617 (61.8% of the months trading range). The next downside target on a continuation of the move, comes at the 1.2434-41 area where the pair bottomed earlier this month.
I would expect that the most recent leg down in the EURUSD should hold resistance against the 38.25-50% Correction Zone between the 1.24778-1.24847 (currently – see chart below). Staying below would keep the potential trend down in play and would also keep the seller in control.
