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EUR/USD off the lows and back above 1.2200 as the dollar retraces some gains

The pair bounces off near the lows posted yesterday and is now back up to hug the levels highlighted earlier here.

Do note that later today there is also a significant option expiry at 1.2220 and a large one tomorrow at 1.2200 as well. And as mentioned earlier, that should keep price action sticky around these levels ahead of the ECB meeting tomorrow.

The market just can’t seem to shake off the 100-day MA (red line) @ 1.2214 and the 8 February low @ 1.2212 sitting nearby at the moment it seems. Looks like we’re primed for a key move only after the ECB meeting.

Elsewhere, the dollar has also retraced gains against all other major currencies too. Cable is back up to 1.3961 from lows of 1.3934. USD/JPY has also fallen to 109.08 from highs of 109.27.

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