The EUR/USD trades back near the yearly low set on Friday at 1.2161, despite gapping higher at the weekly opening up to 1.2272. The pair has practically erased gains of latest bounce, with the 4 hours chart now showing price below 20 SMA and indictors retreating from their midlines, after failing to break higher. The eye will be in US Retail sales to be release later today and may set the intraday risk trend. In the meantime, the pair consolidates below 1.2210 immediate resistance area, and the downside is favored as long as below that level: a break lower should lead to a quick test of key 1.2140 support level, and only below this last a stronger slide should be expected, towards 1.2100 first, and 1.2060 later.
Above 1.2210, the recovery may approach 1.2250/60 area today, yet sellers should be aligned near daily high.View Live Chart for EUR/USD