STRONG TECHNICAL REJECTION WEIGHING ON EURO
The euro currency has fallen back below the 1.2000 level against the US dollar after the pair was aggressively sold from the 1.2031 level during today’s European trading session. The EURUSD pair currently trades close to the lows of the day, as sellers looked past better than expected eurozone GDP numbers. Moving into the U.S session, the euro’s 200-day moving average, at 1.2010, and the FOMC Policy Decision later today remain the key focus points for traders.
The EURUSD pair is strongly bearish while trading below the 1.2010 level, key support is found at the 1.1955 and 1.1930 levels.
If the EURUSD pair trades back above the 1.2010 level, key intraday resistance is found at the 1.2031 and 1.2054 levels.