EURO INTRADAY SOFTNESS BELOW 1.2030 LEVEL
The euro has slipped back below the 1.2030 level against the U.S dollar, after another failed attempt at the 2017 price-high at 1.2093 on Friday. The EURUSD currently trades around the 1.2020 level, as three technical failures below the 2017 price-high weigh heavily on the pair. Traders also remain cautious on Monday, as German politics comes back into the spotlight, with Angela Merkel trying to salvage a coalition deal between the SPD and CDU parties. During the upcoming European trading session, we see the release of the Eurozones Sentix Investor’s Survey and EU November Retail Sales data.
The EURUSD pair is likely to see intraday softness below the 1.2030 level, sellers may target the 1.1989 and 1.1958 support levels.
Should EURUSD price-action move above the 1.2030 zone, intraday resistance is found at the 1.2070 and 1.2093 levels.