This from an overnight client note from the bank, includes some remarks on the data Pre-FOMC note, keep that in mind
Support - 1.2375 / 1.2350 / 1.2330
Resistance - 1.2500 / 1.2539
(ps. UBS also noted 1.2450 as resistance but that was overcome during US time )
Commentary:
German CPI on the weak side (at least MoM), but the impact has been fairly muted, especially after the initial dip down to 1.2335 lows. And looking at the way it bounced back, the question arises - has this been the consolidation phase? All of it? Fair bit on the plate the next few sessions, we have French and Spanish CPIs today, Month end, FOMC meeting tonight and monthly US job reporton Friday, so could stay lively, but feels like overall the EUR positive story still very much intact and with USD data coming up probably not a bad play in the crosses too.
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Let me know in the comments if this is of any interest as there is more