Even though we’ve broken below daily support at 1.2140, bearish momentum hasn’t really increased and this pair has been struggling to break below 1.2100. In fact it’s trading like a pair that has some barrier protection in play, but that’s a pure guess on my part.
The NZD/USD has been the leader again this morning, trading up to .8515 and dragging the AUD/USD and EUR/USD with it. USD/JPY and USD/CHF are staying static thus far.