TECHNICAL REJECTION WEIGHING ON EURUSD PAIR
The euro currency remains under pressure against the U.S dollar, after multiple technical rejection above the 1.2000 level, and a second bearish daily close below its 200-day moving average. The EURUSD had bounced from the 1.1952 level after the FOMC Policy Statement, and price was then swiftly rejected from the 1.2025 level, pushing the pair to a fresh monthly trading-low, at 1.1937. Euro traders now look towards the release of key CPI and PPI inflation data from the eurozone economy this morning.
The EURUSD pair is strongly bearish while trading below the 1.2000 level, further losses towards 1.1937 and 1.1900 remain likely.
If the EURUSD pair moves back above the 1.2000 level, the 1.2025 and 1.2054 levels offer strong intraday technical resistance.