EURO WEAKNESS EXPECTED BELOW 1.2382 LEVEL
The euro is turning lower in early Thursday trading against the U.S dollar, as buyers repeatedly failed to overcome the key 1.2382 resistance level. The EURUSD pair is currently trading around the 1.2360 region, with short-term RSI and Momentum indicators starting to turn lower. Fundamental factors are also weighing on the euro currency today, with the German finance minister earlier warning investors about the implications of the stronger euro and U.S trade tariffs.
The EURUSD pair is intraday bearish whilst trading below the 1.2382 level, further declines towards the 1.2334 and 1.2305 level remain possible.
Should the EURUSD pair move above the 1.2382 level for a sustained period, price-action will likely turn bullish and test towards the 1.2400 and 1.2400 levels.