EURUSD FURTHER BEARISH BELOW 1.2240 LEVEL

The euro has moved towards the bottom-end of its recent trading range against the U.S dollar, as European equity markets continued to slump lower on Friday. EURUSD price-action is currently probing the key 1.2240 support level, after being swiftly rejected the 1.2280 region earlier. The greenback continues to be supported by overall risk-off trading sentiment, with the U.S dollar index now bouncing back well above the key 90.00 technical level.

• The EURUSD pair may see further selling below the 1.2240 level, downside support is now located at the 1.2212 and 1.2180 levels.

• Should the EURUSD pair fail to close under the 1.2240 level on a higher-time frame basis, intraday buyers will likely try push price-action back towards the 1.2275 and 1.2305 resistance points.