The pair is now back near the highs at 1.2280 currently
So, the first test today of the long-term trendline support has failed. This is a key psychological level in my view for buyers in order to maintain some form of conviction for an uptrend move.
It's a level that was highlighted earlier here.
Eurozone data today hasn't been too optimistic, but so far euro traders have shrugged off that sentiment for the time being - not surprising since they are minor data points. Not to forget that there's also bids sitting near 1.2250 as Mike pointed out here.
Also, take note that there is also a decent sized option expiry sitting at 1.2300 so that could play a role in the price action we're seeing.
