SELLING PRESSURES WEIGH ON EURO BELOW 1.2275
The euro currency has again slipped lower against the U.S dollar during the European trading session, following another round of soft economic data coming out of the Eurozone. The EURUSD pair briefly slipped below the 1.2252 support level, as EU Retail Sales and Services data came in weaker than economists expected. The euro remains under selling pressure whilst clearly trading below the pivotal 1.2275 level, and continues to print technically bearish lower trading lows.
The EURUSD pair retains a bearish bias whilst trading below the 1.2275 level, further downside towards the 1.2239 and 1.2205 levels seems likely.
Should EURUSD price-action move above the 1.2275 level, key intraday resistance is then found at the 1.2300 and 1.2314 levels.