The euro currency continues to trade on the back foot against the US dollar as pair fails to attract buying interest ahead of Thursday’s ECB meeting. Technical indicators across the lower and higher time frames remain oversold, although a bounce in the EURUSD pair is not forthcoming. The 1.1230 resistance level is the main area short-term bulls need to break for another attempt a the 1.1248 level.
The EURUSD pair is only bearish while trading below the 1.1230 level, key support is found at the 1.1190 and 1.1175 levels.
If the EURUSD pair trades above the 1.1230 level, bulls could test back towards the 1.1248 and 1.1280 levels.