The EURUSD pair remains bearish and under downside pressure in early Friday trading, as risk-off trading sentiment continues to spread through broader financial markets. Price-action is currently range-bound between the 1.2240 to 1.2270 region, after the pair suffered more extreme volatility on Thursday, with the euro sinking to a new weekly low, hitting 1.2212. Moving into the European trading session, the U.S dollar index and fluctuating stock prices are likely to dictate the EURUSD pair next directional bias.
The EURUSD pair is strongly bearish while trading below the 1.2275 level, further losses towards the 1.2212 and 1.2192 levels may occur.
Should EURUSD price-action move above the 1.2275 level for a sustained period, we may see a move back towards the 1.2305 and 1.2332 resistance levels.