EURO RETRACING TOWARDS KEY 1.2332 LEVEL
The euro has moved marginally lower against the greenback during the European trading session, following weaker than expected German economic data and a rebound in the U.S dollar index. The EURUSD pair currently trades around the 1.2350 region, with bullish momentum largely intact while price-action remains above the key 1.2332 support level. Traders now look to the release of the U.S Consumer Price Index for the month of January, with any major upticks in U.S inflation likely to further pressure the EURUSD lower.
The EURUSD pairs bullish trading sentiment remains intact whilst price-action trades above the 1.2332 level, key upside resistance is now found at 1.2393 and 1.2432.
Should EURUSD price-action move below the 1.2332 level, the intraday sentiment will turn bearish, encouraging further selling towards the 1.2290 and 1.2255 levels.