EUR/USD bounced from a low of 1.2215 scored at the beginning of the NY session, and has spent the last hours inside the 1.2250/75 range. At time of writing, the pair is quoting at the 1.2265 area, still down 0.2% on the day.
"Technical readings are far from signaling an upward movement, yet the daily chart shows a bottom may be developing as the year low is in the middle of a rounded floor: extensions or even better a daily close above the 1.2340 area, should lead to a stronger advance of around 180 pips according to the figure, towards 1.2520 area", says Valeria Bednarik, chief analyst at FXstreet.com. "For the short term, 1.2280 comes first ahead of mentioned 1.2340 price zone".
"Loss of 1.2161 will deny the figure, opening doors for further slides towards 1.1870 area, while in the short term, immediate supports will come at 1.2120/30 and 1.2080 price zone".