EURO UNDER HEAVY SELLING BELOW 1.2350 LEVEL
The euro has continued to sink lower against the greenback during the European trading session, after being swiftly rejected for the 1.2432 resistance level. The EURUSD is currently trading around the 1.2360 region, with the pair now approaching key downside technical support. Further heavy selling in European stock bourses has accelerated the sell-off in the euro, as traders move into safe-haven currencies such as the United States dollar, Swiss franc and Japanese yen.
The EURUSD pair is likely to see further intraday selling below the 1.2350 support level, downside targets remain 1.2322 and 1.2275.
If EURUSD price-action can hold above the 1.2350 level, we may see a further upside attempt at the pivotal 1.2400 level.