EURO BACK UNDER PRESSURE BELOW 1.2214

The euro continues to trade to the downside against the U.S dollar, hitting 1.2186, during the European trading session as U.S Treasury-yields push the U.S dollar index sharply higher. The EURUSD pair currently trades around the 1.2198 level, after a strong technical rejection from the 1.2244 level on Tuesday. Traders now look towards the 91.00 level on the U.S dollar index for direction, and if the U.S 10-year treasury-yield can hold above the key three percent level.

• The EURUSD pair remains bearish while trading below the 1.2214 level, further losses towards the 1.2184 and 1.2150 levels seems likely.

• If the EURUSD pair starts to hold price-action above the 1.2214 resistance level, a further correction back towards 1.2248 and 1.2275 levels may occur.