The euro has moved sharply lower against the U.S dollar overnight, hitting 1.2350, as risk-off trading sentiment prompted traders to move into the greenback. The EURUSD pair currently trades around the 1.2375 level, with downside pressure building on the single currency, with European stock markets set to open into heavy selling. Going forward, the 1.2400 level on the EURUSD pair remains the key daily pivot point intraday traders are watching.

The EURUSD pair is likely to suffer further intraday declines while trading below the 1.2400, downside support is currently located at the 1.2350, 1.2322 and 1.2275 levels.

If buyers can move price-action above the 1.2400 level, we may see an upside correction on the EURUSD pair towards the 1.2432 level.

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