EUR/USD pair rose during the session on Wednesday as the 1.25 level held as support again. The 1.26 level has been pierced yet again, but is still offered a bit of resistance. With the ECB statement coming later today, this could be a telling session as the 1.27 level is massively resistive. If that level gives way, we think the 1.30 level will be almost a given.
However, if we manage to break down below the 1.25 level on a daily close we think this pair could continue much lower. The real support of course is that the 1.24 level, and once we get below that we think 1.20 is very doable.
Written by FX Empire