Brief analysis of the euro by fx-megaforex

Hi, today at pips 911 you have the daily graohic of the aud/usd you can go to

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Now let´s go to the Euro:

The euro fell to as low as 1.2177. Downside pressure remains high as yesterday’s recovery from 1.2177 to 1.2385 was unsustainable and the 1.22 region is back in focus at time of writing. The EURJPY was the main driver of euro’s weakness as the Yen continues to strengthen across the board while the equity markets are facing large declines. First resistance today comes at 1.2340/50 and a break out would suggest that yesterday’s recovery towards 1.2400 was not part of a minor corrective phase but rather part of an ongoing recovery which may extend to 1.2440/50 and the 1.26 region. However, selling into strength/minor rallies seems the best bet for now.

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