EUR/USD - could test supply around 1.1236

FX:EURUSD   Euro / U.S. Dollar
  • Euro's rebound from 1.1196 (38.2% of 1.0517-1.1616), which is also the rising trend line support has opened doors for a test of supply around 1.1236 (38.2% of 1.0463-1.1714).
  • If taken out on hourly closing basis, odds of a corrective move higher towards 1.13 would rise.
  • Else, we could see the pair fall back to 1.1196. Moreover, failure to take out 1.1236 followed by a break below 1.1196 would shift risk in favor of a drop to 1.1144 (Mar 24 low).
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