EURUSD DECLINES LIKELY BELOW 1.2258 LEVEL
The euro is slowing moving lower against the U.S dollar, with price-action again struggling to find meaningful buying interest above the key 1.2258 pivot area. The EURUSD pair earlier looked past strong ZEW data from German and eurozone economies, with price continuing to hold in a tight trading range between 1.2230 and 1.2270. Going forward, a strong technical breakout looms for the EURUSD pair, ahead of the all-important European Central Bank policy meeting this coming Thursday.
The EURUSD pair will see downside pressures building while price-action trades below the key 1.2258 level. Key technical support is found at 1.2200 and 1.2150.
Should the EURUSD pair move above the 1.2258 level, buyers will look to attack the 1.2270 and 1.2320 resistance points.