However, after dropping over 80 pips, EUR/USD found support at 1.3213 and settled in a slim range where it has been trading within the last hours. At time of writing, EUR/USD is quoting at the 1.3240 area, still up 0.1% on the day.
After rallying over 400 pips since December 7, the euro reached a fresh 8-month high of 1.3307 on Wednesday but failed to consolidate above the 1.3300 mark amid thin trading conditions.
From a technical view, the UBS analyst team holds a bullish bias for EUR/USD and sees "Wednesday's setback as a correction to unwind the over-extended upside conditions". According to them, important support lies at 1.3143 while resistance is at 1.3308/86.