The Euro remains weighted by renewed European banking concerns after BNP Paribas was downgraded yesterday. Besides the late fall in Wall Street brought pessimism to markets spreading more risk aversion.
EUR/USD has been moving marginally and with lack of definition into a tight range between 1.2245 and 1.2280 during the Asian session. The hegemonic currency has managed to hold above 1.2240, key support level, although it has been unable to regain 1.2300.
Currently EUR/USD is trading at 1.2260, 10 pips below its opening price. To the downside support levels lie at 1.2240, 1.2200 and 1.2160. Resistance levels could be located at 1.2300, 1.2330 and 1.2350.