EUR is now inside a wide negative Ichimoku cloud on H4, there we can see also a small upside channel is forming which also offers support @ 1.2245. We are very close to be rejected from the Ichimoku again. All this week we are testing continuously that small upside channel support, for now it holds - but how long is the question. On H4 we can see EUR is in a flat consolidation. 1.2330 on the upside seems unbreakable, but if we have any stronger upside impulse it will be broken at once and the price will stop @ 1.2390 with a pullback of 40-50 pips. For today drops to 1.2240 are quite possible and more to 1.2190 which shall destroy the small upside channel and will open the way of dropping further. Nevertheless i think we need some more upside correction to 1.2450 at least before starting a new wave down, also the Daily chart pattern suggests a jump to the upside is pending - but nothing happens, many of the traders are now in summer holidays, and moves are not so big.
I still hold my LONG @ 1.2310, but may reconsider this below 1.2220. GOLD now @1583 waiting for EUR movement, or fear on the market to explode higher, but none of them presents now.
Yesterday's bad US data didn't influence the EUR/USD pair, we may end this week around 1.2250 and next week we shall have some big moves for sure.