For those itching to sell the rally in EUR/USD, the 1.2045/40 area looks like the first logical spot to let some go. At that level, we have the trendline that has been in place since the beginning of May. It has been penetrated a few times in the past but we’ve not had a close above that level.
Traders note some good sell orders beginning to come into the market, mixing with stops, from the 1.2020 to 1.2035. It trades now at 1.2008.
