EURUSD ONLY INTRADAY BULLISH ABOVE 1.2400 LEVEL

The euro has stabilized price-action towards the 1.2400 level against the U.S dollar in early Wednesday trading, following a reversal in broader stock markets and a decline in the greenback. The EURUSD pair is now recovering bullish trading momentum, after finding strong weekly technical support at the 1.2313 level. With a lack of macroeconomic data today, financial markets will likely be focused on the recent recovery in stock bourses, and the next directional move in the U.S dollar index.

• The EURUSD pair may see if further upside if price-action can hold above the 1.2400 level. Key upside targets remain 1.2432, 1.2474 and 1.2500.

• Should EURUSD price-action fail to hold above the 1.2400 level, we may see a decline towards the 1.2350 and 1.2313 support regions.