The Euro drifted below the 50-period SMA after testing a 2-month high yesterday following the release of a disappointing IFO sentiment number in Germany. A move below the 1.2070 support level may trigger an acceleration to the downside with the 200-period SMA around 1.2025 as target. However, the main trend is still up according to the daily chart, with a trade through the 1.2110 resistance to signal a resumption of the uptrend.
Support: 1.2170 / 1.1985
Resistance: 1.2110 / 1.2240
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