The eurodollar pair spiked up over 40 pips this morning before reaching the level of the monthly and weekly pivots at 1.2100 where it has stalled. From there it is possible that the pair will resume their descent, although a decisive break of 1.2030 may be necessary for the bearish move to gain momentum. A break above 1.2145 could open the way for a breakout and move higher towards an eventual upside target of 1.2205.
Written by Forex4you