The euro remains under heavy selling pressure against the greenback, as the U.S dollar continues to strengthen and traders square positioning ahead of the weekend’s Italian election. The EURUSD pair has traded as low as 1.2190, with sellers firmly in control whilst price-action holds below the key 1.2203 level, which formerly acted as crucial weekly support. Thursday’s trading focus turns to the release of the Eurozone Unemployment Rate and the U.S ISM Manufacturing PMI for the month of February.
The EURUSD pair is strongly intraday bearish whilst trading below the 1.2203 level, further losses towards the 1.2160 and 1.2095 level seem likely.
Should the EURUSD pair move above 1.2203 level, we may see a price correction back towards the 1.2230 and 1.2278 resistance levels.
