The euro has slipped lower during the European trading session, following its second technical rejection from the 1.2400 level. The EURUSD pair is currently trading around the 1.2370 region, as a marginal rebound in the value of the U.S dollar index and continued market jitters keep the pair’s upside contained. Moving in to the U.S session, traders will look to the 1.2350 to 1.2400 price-range for confirmation of the EURUSD pairs next directional move.
The EURUSD pair will likely encounter further downside pressures below the 1.2350 level, intraday support is found at the 1.2313 and 1.2275 levels.
If the EURUSD pair can move above the 1.2400 technical level, upside objectives remain 1.2432, 1.2474 and 1.2500.