EURUSD DIRECTION DEFINED BY 1.2258 LEVEL
The euro has moved marginally higher against the greenback in early Monday trading as the U.S dollar index starts to retreat, amidst the ongoing U.S Government shutdown. The EURUSD pair has also received a boost, after coalition talks in Germany held over the weekend ended with a largely positive outcome. With a lack of macro-economic news today, technical trading will likely dominate, with the 1.2258 level the key pivot point intraday traders are watching.
The EURUSD pair remains intraday bearish while trading below the 1.2258 level, further losses towards 1.2200 and 1.2150 appear possible.
Should buyers push the EURUSD pair above the 1.2258 level, price-action may press towards the 1.2294 and 1.2320 levels.