The euro has staged a dramatic reversal against the U.S dollar during the European trading session, with price-action now trading well above the 1.2385 level, after earlier finding strong dip-buying demand at the 1.2334 level. The U.S dollar index quickly reversed earlier gains, with the greenback now trading in lockstep with the broader U.S bond market. So far, the EURUSD pair has found intraday resistance around the 1.2420 level, with the next major upside resistance hurdles found at 1.2432 and 1.2470.
The EURUSD pair remains intraday bullish while trading above the 1.2385 level, major upside resistance is found at 1.2432 and 1.2470.
Should price-action on the EURUSD pair trade back below the 1.2385 level, a further decline towards 1.2360 and 1.2334 seems possible.
