|4 hour zoom 6E|
As you can see this morning the eur/usd cross is bid after the 1.23 level held Monday morning. 1.25 remains the upside line in sand, which if breached could send the price to 1.26 on momentum.
In the chart on the left you can see white dots under the yellow dotted uptrending support line which denoted support being tested, if you complete the pattern you can see 1.26-1.28 as a possible target. though if the cross fails to break out 1.23 will clearly be the first line of defense down to 1.22 or even 1.20.
Commodity prices are reacting positively to 6E’s strength and should this theme continue throughout today’s session you should expect further upside in the S&P 500, possible over 1422. Support remains 1408-15.