EURUSD FURTHER BEARISH BELOW 1.1989 LEVEL
The EURUSD pair has moved below the key 1.2000 level during the European trading session, as the U.S dollar index recovers towards the 92.30 mark. The euro has so far fallen towards the 1.1980 level, with only a tepid recovery as sellers retain control of the pair on Monday. Going forward, the 1.1989 level remains the key daily pivot point with losses towards 1.1958 expected if price-action holds below this key level. Moving into the U.S session, with a lack of macro-economic data, traders will likely focus on the greenbacks recent upside recovery.
The EURUSD pair is further bearish while trading below the 1.1989 level, further downside towards 1.1958 and 1.1910 seems possible.
Should the EURUSD pair start to move above the 1.2000 level, buyers may try to move price-action back towards the 1.2030 and 1.2050 resistance areas.