EURO GAINS STILL EXPECTED ABOVE 1.2432 LEVEL
The euro has moved marginally higher against the U.S dollar during the Asian trading session, as the U.S dollar index slips back from monthly price highsRe. The EURUSD is currently trading around the 1.2460 level, as buyers start to recover upside momentum following the pairs brief decline towards the 1.2420 level on Friday. Traders will now look to high-impacting economic data from the eurozone, as we see the release of Retail Sales, Economic Confidence and PMI Services numbers for January.
The EURUSD pair remains bullish while trading above the 1.2432 level, further upside towards 1.2470 and 1.2491 still seems possible.
If sellers can push the EURUSD pair below the 1.2432 level for a sustained period, we may see a decline back toward the 1.2400 and 1.2385 level.