EURUSD LIKELY TO CORRECT BELOW 1.2432
The euro is starting to correct lower against the greenback in early Monday trading, as the U.S dollar index starts to recover against a basket of major currencies. The EURUSD pair is currently hovering around the 1.2400 level, with downside pressure gathering while price trades below the key 1.2432 technical level. Euro traders now look to the release of the Federal Reserves preferred measure of domestic inflation in the U.S economy, the Core PCE Index.
The EURUSD pair may correct lower while trading below the 1.2432 level, downside support is found at 1.2385 and 1.2323.
Should the EURUSD pair move above the 1.2432 level, we may see further buying towards 1.2493 and 1.2537.