EURUSD (1.2223): The EURUSD is seen consolidating near the 4-year highs as Friday’s attempts to recover failed. Price action as seen on the 4-hour chart shows the EURUSD seeking dynamic support off the median line. We expect a short term rebound off this level as EURUSD could remain range bound heading into Thursday’s ECB meeting. The upside gains are called near the current highs of 1.2282 level. Further gains can be expected only on a convincing close above this level. To the downside, the support at 1.2184 remains in focus and this could form the short term range for the EURUSD.
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