The euro currency has fallen back under the 1.2200 level against the US dollar after meeting strong technical resistance from the 1.2220 level earlier today. The next key risk event for the EURUSD pair is the release of United States CPI inflation data. Traders should be aware that a break below the 1.2130 support level could cause a heavy technical sell-off in the EURUSD pair.
The EURUSD pair is only bearish while trading below the 1.2175 level, key support is found at the 1.2130 and 1.2060 levels.
The EURUSD pair is only bullish while trading above the 1.2175 level, key resistance is found at the 1.2200 and 1.2220 levels.
