EURO BACK UNDER PRESSURE BELOW 1.2214
The euro continues to trade to the downside against the U.S dollar, hitting 1.2186, during the European trading session as U.S Treasury-yields push the U.S dollar index sharply higher. The EURUSD pair currently trades around the 1.2198 level, after a strong technical rejection from the 1.2244 level on Tuesday. Traders now look towards the 91.00 level on the U.S dollar index for direction, and if the U.S 10-year treasury-yield can hold above the key three percent level.
The EURUSD pair remains bearish while trading below the 1.2214 level, further losses towards the 1.2184 and 1.2150 levels seems likely.
If the EURUSD pair starts to hold price-action above the 1.2214 resistance level, a further correction back towards 1.2248 and 1.2275 levels may occur.