EURUSD WEEKLY BEARISH BELOW 1.2300 LEVEL
The euro continues to trade to the downside against the U.S dollar, ahead of a raft of key Manufacturing and Services data from the eurozone economy. The EURUSD pair currently trades around the key 1.2275 level, after finding strong technical support from the 1.2260 level on Friday. The trading-range on the EURUSD pair may start to narrow, as traders become cautious ahead of Thursday’s European Central Bank policy meeting.
The EURUSD pair is bearish while trading below 1.2300 level, further losses towards the 1.2248 and 1.2210 remain possible.
If the EURUSD pair starts to trade above the 1.2300 resistance level, buyers may start to target the 1.2320 and 1.2344 levels.