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The EURUSD consolidated below resistance at 1.2330 to start the week.  The cross briefly broke below Friday's low but didn't find much traction lower. Last weeks blitz of hints and suggestions of a massive coordinated action between the ECB and the European financial Stability Facility by Mario Draghi,  French President Francois Holland and German Chancellor Angela Merkel appear to have the strength to hold the pair at the moment.  This weeks meeting between Draghi and Deutsche Bundesbank President Jens Weidman, at which Draghi will urge the Bundesbank to drop resistance to bond market intervention, could be the catalyst for a move higher once again.

From a price action standpoint.  Support begins at the daily lows around 1.2220.  A break below that level exposes 1.2180.  The first level of resistance begins at 1.2330 folowed by 1.24.

Sup    1.2220            1.2180

Res    1.2330

Keane Insight:  Market may drift higher heading into the data release near the end of the week.  Any move towards the day lows or 1.2180 could find buyers.