Some Unexpectedly Choppy Dynamic In EUR/USD
The Euro/Dollar pair has hit some bids despite quiet holiday trade. And now, it’s getting ready to surpass the 1.2300 handle. The reinforcement was based on muted demand on greenback. Still, the upside impulse is rather unconvincing and the move is expected to be short-lived. There is even a threat of reversal. Continuous volatility under the 1.2300 handle might cause further drop to the horizontal support of 1.2240. If that support is breached, EUR/USD will align a test on the support zone of 1.2200-1.2180. Immediate resistance is around the 1.2340 line.