Attached is the hourly chart of EURUSD. A control bar has formed and i have marked the high and low of the bar. This is a very big bar and hence easy to identify. We can see how the low of the bar acted as good support and has caused a bounce of about 40 pips now. The top of the bar comes in around 4230 and this area should act as a very good resistance now.
This area of resistance will be further supported by the previous resistance in the same price range as can be seen on the left of this bar. I believe this should set us into a good range for the next few hrs. Rest will depend on what outcome the euro summit, that is currently going on, comes out with.
