HomeContributorsTechnical AnalysisEURUSD Further Bearish Below 1.2240 Level

EURUSD Further Bearish Below 1.2240 Level

The euro has moved towards the bottom-end of its recent trading range against the U.S dollar, as European equity markets continued to slump lower on Friday. EURUSD price-action is currently probing the key 1.2240 support level, after being swiftly rejected the 1.2280 region earlier. The greenback continues to be supported by overall risk-off trading sentiment, with the U.S dollar index now bouncing back well above the key 90.00 technical level.

The EURUSD pair may see further selling below the 1.2240 level, downside support is now located at the 1.2212 and 1.2180 levels.

Should the EURUSD pair fail to close under the 1.2240 level on a higher-time frame basis, intraday buyers will likely try push price-action back towards the 1.2275 and 1.2305 resistance points.

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