EURO BACK UNDER PRESSURE AFTER WEAK DATA
The euro remains under selling pressure against the U.S dollar on Monday, after official data showed German Factory Orders tumbled -0.9 percent during the month of April. The EURUSD pair has been sold aggressively from the 1.1977 level today, with price currently drifting back towards the monthly-low, at 1.1913. Traders now look towards the U.S dollar index and the key 1.1900 level, with EURUSD selling likely to accelerate once the 1.1900 level is broken.
The EURUSD pair remains bearish while trading below the 1.1977 level, key technical support is now found at the 1.1913 and 1.1900 levels.
If the EURUSD pair starts to trade back above the 1.1977 level, buyers may test towards the 1.2000 and 1.2013 resistance levels.