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.