EUR/USD – continues to hold above the 50-day MA, rebounding off it yesterday, with resistance at last week’s peaks at 1.2190. The euro needs to gain a foothold above the 1.2230 area to kick back towards the highs this month at 1.2350. A move below 1.2040 could well signal further losses towards the 1.1980 area, and possibly lower towards 1.1800.