EURUSD STILL BULLISH ABOVE 1.2365 LEVEL

The euro has corrected marginally lower against the U.S dollar during the European trading session, as ECB President Draghi earlier warned that strength in the euro currency may weigh on EU inflation. The EURUSD pair currently trades around the 1.2370 level, after earlier meeting buying demand from key trendline support. Traders now look towards the release of high-impacting U.S macroeconomic data, and the next directional move in the U.S dollar index.

• The EURUSD pair retains its bullish bias whilst trading above the 1.2365 level, further upside towards the 1.2400 and 1.2430 levels still appears possible.

• Should the EURUSD pair decline below the 1.2365 level, price-action will turn bearish and test towards the 1.2335 and 1.2305 support regions.