EURUSD tried to break the 1.2175 yet again and still failed to do so, despite a somewhat more up beat ECB Lagarde today... at the same time we had some strong US data with the Phili Fed that has sent US yields higher and given the USD some support... it just seems that in the last 2 weeks, we have seen constant supply in the EURUSD and EURxxx... and i start to think that maybe the EUR funding trade is coming back, where EM gets bought again vs EUR rather than USD... definitely makes more sense at 1.2150 than early last year at 1.0800 but back to the here and now.... as long as we CANNOT break 1.2175.. the risk for the EURUSD remains on the downside and cannot rule out another visit down at 1.2090 as low as 1.2065... the broader range remains 1.2065 vs 1.2175 until one side breaks.... let's hope FX starts to move a bit

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