Daily Forex Update: EUR/USD

For traders who have been watching the trio of intraday lows along 1.2141 (S1), 1.2143 (S2), and 1.2175 (S3) on the EUR/USD, the wait may be over: prices are rapidly approaching this key support level after a weak close in the U.S. equities markets (and a surge towards 87.50 on the U.S. Dollar index) accelerated prices to the downside. The EUR/USD remains under pressure, but contrarian traders are already looking ahead to a potential bounce from these lows. Any move higher from this level could hardly be considered a reversal, since in reality it would be a correction of the EUR/USD’s recent move from 1.3094 to 1.2143.