The EUR/USD stands at 1.2200 in the European morning, holding to its strong bearish trend and with no signs of a changing bias anytime soon: technical studies in the 4 hours chart show price again away from its 20 SMA, and indicators heading south after correcting the extreme oversold readings reached past week. Market sentiment has flipped to negative after yesterday’s FOMC Minutes showed the FED is in no rush to launch QE3. And while Italy developed a positive bond auction, Greek unemployment and Spanish yields grow. 1.2192 is past July 2010 monthly low. Expect price to accelerate once below, aiming for 1.2140 area first, and 1.2100 later on the day. Bigger pictures show that once below this last, there is no much in the middle until 1.1875, June 2010 low.

Recoveries, are still seen as selling opportunities, with selling zones now at 1.2260 (20 SMA in the 4 hours chart) and 1.2300 area.

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