The EUR/USD is currently stable around that area, with a daily high at 1.2170. Buying pressure could send the pair to higher pastures to test 1.2200. The American session is providing housing data today: MBA Mortgage Applications and New Home Sales. The mortgages data has already been released, with a rise of 0.9% in the week ending at July 20, after the 16.9% jump in the week before.
“Bullish divergence, forming on hourly chart, may signal corrective action before attempting at 1.2000, with 1.2100/40 zone offering initial resistance, ahead of more important 1.2200 zone, break of which is required to provide relief”, wrote Windsor Brokers analyst Slobodan Drvenica.