Euro reverses losses, rising over 0.5% on the day

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The euro is up, in an attempt to reverse losses from last Thursday and Friday.

Price action rebounded after slipping below the 1.2616 level, which is now serving as support.

While the near term outlook remains to the downside, price action remains at a critical level.

A close above 1.1347 will potentially put the euro back to the 11th of June highs.

This will then put the EURUSD back in sight within the 1.1400 price level.

To the downside, watch for a reversal below 1.1347. If price fails to post further gains, we expect the correction to resume.

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