The EURUSD pushed higher in European trading after sliding down to touch support at 1.2480.  The move higher was fueled by rumors of bond yield caps on Spanish Debt and Draghi's decision to stay in Europe during the Jackson Hole Summit.  Many traders are extrapolating Draghi's forthcoming absence to mean that an announcement regarding Spanish Debt could be forthcoming.  In the short-term the trading markets are still extremely thin ahead of Jackson Hole and range trading may remain the norm.  The EURUSUD is still in a tight range between 1.2590 and 1.2480.  Any move to either extreme could find range traders willing to participate.

Sup    1.2480

Res   1.2560            1.2590

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