The hourly EUR/USD chart i have attached shows the importance of the 1.2780 level we have just failed to recapture. Another failure here ensures we remain confined to the recent 1.2650/1.2780 range with another test of the lower end likely to see some good buying interest in the foreign exchange markets.
Above 1.2780 and we should see 1.2900 trade with a chance for a retest of the more important 1.3000 level
