EURUSD (1.2260): The EURUSD fell to an intraday session low of 1.2213 before the currency pair pulled back but closed bearish. Price action remains consolidating near the highs above 1.2200 and this range could be expected into this Thursday’s ECB monetary policy meeting. On the 4-hour chart, price action is seen gradually finding support across the median line. However, as long as price action fails to make a higher high, the bias remains to the downside. Watch for support at 1.2183 which could be tested in the short term. A break down below this support could signal a decline to 1.2090 – 1.2070 where the next main support level resides.
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