EUR/USD is finding a few bids on dips to the 1.2250 area, above which the buying intensified significantly this morning. Technically, 1.2232 is next support, the 50% retracement of the bounce from 1.2112 to 1.2355.
EUR/USD is in a bit of a technical no mans land after rejecting the break of the 50% fibo retracement of the 0.8225/1.6040 rally overnight below 1.2130 but failing to follow-through in sustained fashion. It also failed to overcome the daily downtrend in place for the last month at 1.2340 on a sustained basis.
We’re left with an ugly sideways chop, awaiting clearer signals…EUR/USD is now at1.2254.
