Eurodollar has stalled a little this morning. The current level lies close to the monthly pivot, which could mean we are at a reversal point and the exchange rate could roll over here. A break back down below 1.2761 would give a strong confirmation signal, with 1.2700 then in sight. A move above 1.2803, however, could see it push higher to the major multi-month trend-line at 1.2900 where it will probably stop because of resistance.
Written by Forex4you