The EURUSD fell below the support area at the 1.2434-41, reached our next target at 1.2409 (low from June 5th (see hourly chart below).  The price is now back up testing the 38.2% -50% (correction Zone) of the days trend move down at the 1.24506-1.24644 (5 minute chart above).  The price is stalling in the level, but market traders may now look to use that solid 1.2434-41 level as support now that the price is back above it.  Comments from Schauble on Eurobond progress is cited for the rebound.

At the midpoint area (of 1.24644) is also the broken 1.24617 retracement of the months move higher. The price closes yesterday at the 1.2467 level.  I would expect that if the market sentiment has shifted back to the upside on the news (and confidence of progress)and the price is able to stay above the 1.2434-41, that a move above this area would look back toward the 100 hour MA (blue line in the chart below) at the 1.2499 level, then 1.2516 (midpoint of the months trading range – see chart below).

Do the buyers want to take firm control or do the sellers want to use the rally to sell?  The risk defining levels are there above and below.  Which group is going to take charge is the question now.