EURO TESTING PIVOTAL 1.2321 REGION
The euro is consolidating around the pivotal 1.2321 level against the U.S dollar, as investors remain cautious ahead of a series of key market risk events on Tuesday. The EURUSD pair earlier found strong resistance from the 1.2351 level, whilst dipped buyers again defended the crucial 1.2292 support level. Traders now look towards monthly CPI inflation figures from the German economy, U.S Durable Goods Orders and Federal Reserve Chairman Jerome Powell’s testimony before U.S Congress later today.
The EURUSD pair is bullish while trading above the pivotal 1.2321 level, further upside towards the 1.2351 and 1.2390 resistance levels remains possible.
Should EURUSD price-action move below the pivotal 1.2321 level, sellers are likely to again test the 1.2292 and 1.2259 support levels.