EUR/USD - 1.2169
The single currency's sharp retreat from 1.2222 to 1.2140 yesterday on ECB Villeroy's negative euro comments suggests recovery from Monday's low at 1.2133 has ended there and consolidation with downside bias remains for a re-test of said support, break would extend decline from January's 2-1/2 year peak at 1.2349 to 1.2106 before prospect of a much-needed correction.

On the upside, only a daily close above 1.2222 would indicate a temporary low has been made and risk stronger retracement to 1.2270/80.

Data to be released on Thursday :
Japan corporate goods price index, machinery orders.
UK RICS housing price balance, China exports, imports, trade balance, Germany full year GDP.
U.S. import price index, export price index, initial jobless claims, continued jobless claims.

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