The euro currency has slipped lower against the greenback, after buyers failed to gain traction above the 1.2334 level during the European trading session. The EURUSD pair now trades back towards crucial daily technical support, with buyers so far defending the key 1.2305 support region. Moving into the U.S session, traders now look to the release of the U.S Budget Statement and a clear breach of the 1.2305 to 1.2334 trading range.
The EURUSD pair is likely to turn intraday bearish below the 1.2305 level, with key support then found at the 1.2278 and 1.2239 levels.
Should the EURUSD pair hold above the 1.2305 level, buyers will likely target the 1.2334 and 1.2367 resistance levels.