FXstreet.com (San Francisco) - After falling from 1.2225 to break the 1.2200 level, the EUR/USD has found support at 1.2165 where the pair has been trading in consolidation mode following the latest bearish movement. In the last hour, the Euro has recovered 45 pips to trade back above 1.2200 and reach prices close to 1.2210.

Currently the pair is trading at 1.2195, settling back below 1.2200 with 0.35% loses so far today from opening price action. The pair looks "Slightly Bullish" and "Extremely Oversold" according to the FXstreet.com technical studies in its 15 minutes time frame.

Market sentiment remains strongly bearish for the EUR/USD, "as the common currency is unable to overcome now the 1.2200 level," comments Valeria Bednarik, FXstreet.com analyst. "A short spike above was unable to hold, although stocks moving off recent lows suggest a consolidate stage before new lows are seen."

"Short term, 1.2210 comes as immediate resistance ahead of 1.2250 area, 20 SMA in the 4 hours chart: approaches to that level will likely be seen as selling opportunities by late sellers," Bednarik continues. "Renewed pressure below 1.2140 should point for a continuation towards 1.2100 over the upcoming Asian session."