Commentary: We wrote Friday that "we are treating the rally from 1.2091 as a correction, which means that we expect new lows either today or next week. Fibonacci resistance is at 1.2238 (38.2% of 1.2476-1.2091), 1.2284 (50%) and 1.2329 (61.8%).
Look for a reversal of recent strength near one of these levels." The countertrend movement may have ended at 1.2232. If 1.2232 fails to hold, then a complex correction is playing out and we would look for resistance closer to the 61.8% at 1.2329. Strategy: Bearish now, against 1.2232, target below 1.2091.