12:46, 17 June

Daily Analysis

On Tuesday last week we covered the EURUSD which finished the week falling sharply back to the key 1.12 level. In doing so, the 1.13 level offered no support whatsoever as it fell sharply through it. This was a complete reversal from the previous week which saw the EURUSD surge higher to its highest levels in three months and pushing through the resistance at the key level of 1.13.
Over the last couple of months the EURUSD has been well supported by the 1.11 level and on several occasions it appeared as if the currency pair was poised to move through this level to a two year low. Presently it is enjoying some support from 1.12 however the 1.11 is likely to offer more support if called upon shortly.