It was a solid enough start to the session with the pair rising steadily from 1.2240
But then we hit the 1.2280 offers that have been there for a while (April 15 low after the BOC decision) and we've since seen a retreat to 1.2234 as I type amidst general $ selling/profit taking with bids expected nearby as per the orderboard
Throw a decent sized option expiry at 1.2250 (now estimated increasing to $740m) into the mix and we can expect the range to stay fairly tight now, extraordinary events notwithstanding
Asia lows of 1.2225 and then Monday's low of 1.2180 with Friday's 3-month low of 1.2088 some key supports. Offers still around 1.2280 and more into 1.2300
Good two-way business on this pair right now but don't get greedy
