Forex Special - The pair continued to push lower through the European morning, as bears accomplished its first mission and broke through yesterday's low at 1.2550. US Dollar was able to stretch further down capped by 1.2543 area. At present, current price can be found on a corrective upside move towards 1.2560 area.
“The bias is still to the downside but we need to break through the solid support now at 12565 and 12540 to take us down to 12445. A move up through 12611 should take the pair to 12655 but this should then form a Head and Shoulders and take the pair lower. The bias is still to the downside” said Ian G Coleman, Independent Analyst at FXstreet.com.