Spot Price: 1.2270
Technical Analysis:
After stalling at 1.2330 last Monday the price spent the week consolidating below, with a 1.2240/45 base. Daily studies are edging lower and are now at marginally overbought levels, but the trend remains up, with an initial target at the 1.2350 retracement. Hourlies are neutral, so our strategy is to trade the 1.2330/1.2240 range.