The euro currency is under slight downside pressure against the US dollar, as traders scale back positions ahead of tomorrow’s ECB meeting. Technical analysis shows that the EURUSD pair may decline back towards the 1.2050 area if the 1.2100 level is broken with conviction. Failure to break under the 1.2050 level could cause a sharp rebound in the EURUSD pair towards the 1.2280 area.
The EURUSD pair is only bearish while trading below the 1.2050 level, key support is found at the 1.1890 and 1.1850 levels.
The EURUSD pair is only bullish while trading above the 1.2050 level, key resistance is found at the 1.2180 and 1.2280 levels.
