EURUSD Under pressure
The euro currency has dropped sharply lower against the US dollar during the European trading session due to an increase in risk-off market sentiment. Technical analysis shows that a drop below the 1.2050 level could cause a major sell-off towards the 1.1900 support level. To the upside, EURUSD short-term bulls are in control while the pair trades above the technically important 1.2200 level.
The EURUSD pair is only bearish while trading below the 1.2200 level, key support is found at the 1.2050 and 1.1900 levels.
The EURUSD pair is only bullish while trading above the 1.2200 level, key resistance is found at the 1.2230 and 1.2280 levels.