The euro is back under pressure against the US dollar after price broke below key trendline support, prompting heavy technical selling. A strong decline below the 1.1330 level is likely to prompt EURUSD sellers to test the important 1.1300 support level. Traders now look to key German IFO data and a scheduled speech from European Central Bank President Mario Draghi.
The EURUSD pair is strongly bearish while trading below the 1.1330 level, key technical support is found at the 1.1300 and 1.1250 levels.
If the EURUSD pair trades above the 1.1370 level, key technical resistance is found at the 1.1400 and 1.1425 levels.
