EURUSD ONLY INTRADAY BULLISH ABOVE 1.2430 LEVEL
The euro continues to trade on the backfoot against the greenback in early week trading, as the U.S dollar index stages a comeback from three-year trading lows. The EURUSD pair currently trades around the 1.2420 region, with downside pressures likely to remain whilst price-action holds beneath the pairs 200-month moving average, located at 1.2430. With a lack of high-impacting macroeconomic data on Monday, the pair is likely to be increasingly technically driven, with the 1.2390 to 1.2430 price-range the key for the next directional move.
- The EURUSD pair is only intraday bullish above the 1.2430 level, above this level key resistance is found at the 1.2490 and 1.2554 levels.
- A strong move below the 1.2390 level will likely support further EURUSD selling, with key technical support found at the 1.2367 and 1.2291 levels.