Goldman Sachs technical analysis $EURUSD

$EURUSD – Monday produced another volatile but range bound day’s price action. Really a case of watching important pivots. Given the underlying setup on the longer-term charts and the developments in correlated asset markets as discussed above the risks still seem to be skewed towards an eventual downside break from the current range. The close basis pivot region to watch should be the converged low from 23rd May and 200-dma; 1.3968-1.3913. The primary uptrend from the June ’10 low then comes in at 1.3723.