EUR/USD back at range support
EUR/USD has dropped into the absolute bottom of its three-month range, with the $1.2154 level providing the critical area to watch out for today.
A break below there would signal a potential wider retracement of the $1.1554-$1.2556 rally. As such, keep an eye out for a reaction at this level, where a break below would signal the beginning of a decline towards Fibonacci support around $1.2055-$1.1936 (50-61.8%). Alternately, this could be the source of another rebound, given the existence of this multi-month range. It all comes down to the $1.2154 level.