EUR/USD Breaks Key Support, Targets 1.2160

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On Monday I discussed how the EURUSD was vulnerable below 1.2435. As I was publishing the post, the single currency closed at 1.2428 on the 4-hour chart, signaling a clean break of channel support. Although we saw immediate downside pressure following the break, the next 24 hours were filled with a lot of back and forth action. However, I remained bearish given that the pair was staying well below former channel support. The first key level below 1.2435 came in at 1.2325. We saw this area come under pressure during Tuesday’s session, buy buyers held their ground into the close. That changed on Wednesday. The 1.2262 close put … (full story)

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