The EURUSD moved lower on Spanish bank downgrade chatter. The lower Philly Fed and Leading Indicators initially sent the price lower, but now the price has reversed to NY highs, is up on the day (1.2715) and is pushing toward ressitance in the 1.2742-48 area (see hourly chart below).
The market action is just not that normal today in the EURUSD. The key support at the 1.2623-30 area may be a contributor. The bounce and influence of the EURGBP. The European holiday may all be contributing to the conditions. Be patient. Wait for extremes. A move below key support at the 1.2623-30 should not be ignored. On the topside, a move above the 1.2743-48 and then 1.2780 scares some shorts.