EURO UNDER HEAVY PRESSURE BELOW 1.2363 LEVEL
The euro has extended intraday trading losses against the greenback during the European trading session, with price-action moving towards the 1.2330 region, as U.S dollar strength prevails. Despite a largely positive EU and German ZEW Survey, the EURUSD pair has continued to move lower, with sellers earlier breaching the key 1.2363 support level. Traders are increasingly looking towards the 1.2330 support region, and the bullish inverted head and shoulders price-pattern across multiple time-frames.
- The EURUSD pair is under increasing pressure whilst trading below the 1.2363 level, further selling towards the 1.2292 support level appears possible.
- Only a move above the 1.2363 resistance level can relieve short-term bearish pressures, key intraday resistance is then found at the 1.2390 and 1.2430 levels.