The recovery of the EUR/USD however, found resistance at a New York session high of 1.2248 but the subsequent dip was contained by the 1.2210 zone. At time of writing, EUR/USD is trading around 1.2240, still 0.2% below its opening price.
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that 1.2285 is a key resistance level, as it represents the 23.6% retracement of the latest daily fall. "Only above this latter the pair will be able to extend its upside on short covering, with 1.2330/40 area then at sight", she adds. On the downside, Bednarik locates supports at 1.2210, 1.2175 and 1.2140.