EURO TESTING PIVOTAL 1.2278 LEVEL
The euro has reversed losses against the U.S dollar, hitting 1.2280, as investors fear a possible Trade War between the U.S and Asia may harm the overall American economy. The EURUSD quickly bounced from the 1.2153 support level, with euro buyers now testing the pairs key 50-day moving average again, around the 1.2278 level. Traders now look towards the release of German Retail Sales figures and the European market's reaction to President Trump proposed trade tariffs.
The EURUSD pair retains a bearish bias whilst trading below the 1.2278 level, further losses towards 1.2230 and 1.2205 seem possible
Should the EURUSD pair move back above the key 1.2278 level, further intraday resistance is found at the 1.2305 and 1.2351 levels.