EURO TESTING DEMAND AROUND THE 1.2100 LEVEL
The euro has come under another round of selling pressure against the greenback during the European trading session, following softer than expected EU inflation data. The EURUSD pair is currently trading around the key 1.2100 level, after being strongly rejected from the 1.2138 level. A loss of the 1.2100 level may provoke further selling towards the 1.2000 level, while a breach of the 1.2138 level should encourage buyers to test the 1.2154 level.
The EURUSD pair remains bearish while trading below the 1.2138 level, key intraday support is now found at the 1.2054 and 1.2000 levels.
If the EURUSD pair starts to trade back above the 1.2138 level, buyers may test towards the 1.2154 and 1.2200 levels.