Since last week's first dunking under 1.1200 the euro has failed to build on upside moves. Are we going to see the same again?

1.1225/30 is going to be the next test for the euro if it is to maintain this move. All of a sudden the dollar has gone a bit wonky around the board but these days it's the euro that's always most at risk of not taking advantage. Certainly the pound is still off in la la land and not taking part.

EURUSD H4 chart

The 55 H4ma hovers around the recent highs also so it's clear what the price has to do. Should we move higher, sellers are going to make it hard work and they'll be out in force around 1.1290 - 1.1300. Until then if we test and fail at 1.1225/30 we should probably expect a move back below 1.1200 not long after.