EURUSD NOW TESTING CRITICAL SUPPORT
The euro has continued to weaken against the greenback during the European trading session, as weaker German PPI inflation data and a rise in the value of the U.S dollar index weigh on the single currency. The EURUSD is currently testing the 1.2300 support level, with the pair now looking set for a second day of heavy trading losses. Traders now look to the releases of U.S Consumer Confidence data during the U.S trading session, with EURUSD sellers looking for a bearish weekly close below the 1.2300 level.
The EURUSD is intraday bearish while trading below the 1.2344 level, sellers may test towards the 1.2275 and 1.2213 levels.
Should the EURUSD pair move back above the 1.2344 level, buyers may be encouraged to test back towards the 1.2382 and 1.2413 levels.