EURUSD STRONGLY BEARISH BELOW 1.2202 LEVEL
The euro has fallen to a new monthly trading-low against the greenback, hitting 1.2184, after better than expected U.S macroeconomic data lifted the U.S dollar broadly higher. The EURUSD pair currently trades around the 1.2214 level, marking the single currencies lowest trading level against the U.S dollar since, March 1st. Traders now look towards the release of German IFO data, and the EURUSD pairs key 100-day moving average, found at the 1.2202 level.
The EURUSD pair is strong bearish while trading below 1.2202 level, further downside towards the 1.2184 and 1.2150 levels remains possible.
If the EURUSD pair starts to trade above the 1.2214 resistance level, a correction back towards the 1.2230 and 1.2248 level cannot be ruled out.