The single currency edged higher despite some poor macroeconomic figures. The 1.20 level is just around the corner now. Meanwhile, traders expect some clues from Federal Reserve’s head and EU inflation figures today.
The main scenario is a move towards 1.1920.
The alternative scenario is another attack at 1.2000.
After a close below the 1.1950 support we could see the euro extending its decline down to 1.1920.
Bulls eye a strong resistance at 1.1970, the cut of which would trigger further strengthening towards 1.2000.