Session Recap: Majors consolidate after dramatic price action
The European session has seen consolidative moves in major crosses after the market was shaken by concerns over Italian election outcome. Meanwhile, Fed Bernanke's semi-annual testimony to the Senate Banking Committee at 15:00 GMT is the main focus of the day. The dollar is mixed, although most pairs are hovering around their opening levels. EUR/USD fell below 1.3100 for the first time since early January and now consolidates around 1.3080, having set a low of 1.3017. USD/JPY traded as low as 91.40 but is now back around 92.00. GBP/USD failed to hold above 1.5200 and it is now virtually unchanged at the 1.5160 area.