EURUSD SELLERS IN CONTROL BELOW 1.2275 LEVEL
The euro continues to trade to the downside against the greenback, as a decline in European Manufacturing activity in March and a resurgent U.S dollar weigh on the single currency. The EURUSD pair currently trades around the pivotal 1.2275 level, after finding interim technical support from the 1.2252 level on Tuesday. Euro traders now look towards the release of EU Unemployment data, and preliminary EU Consumer Price Index inflation numbers for the month of March.
The EURUSD pair is bearish whilst trading below the 1.2275 level, further downside towards the 1.2239 and 1.2205 levels remains likely.
If the EURUSD pair moves above the 1.2300 level for a sustained period, price-action will turn bullish. Key intraday resistance is then found at the 1.2334 and 1.2382 levels.