The euro has moved back towards the key 1.2430 level against the U.S dollar, after earlier finding strong intraday technical support from its 100-day moving average on the four-hour time frame. The EURUSD pair continues to trade in a contained price-range between the 1.2390 to 1.2430 levels, with no clear intraday directional bias in early week trading. Moving into the U.S session, trading volumes remain light with the Eurogroup meeting underway in Brussels and U.S markets away for President’s Day.
The EURUSD price-action will likely extend higher once the 1.2430 level is clearly breached, key intraday resistance is found at the 1.2490 and 1.2554 levels.
A sustained move below the 1.2390 level should lead the EURUSD pair to decline towards the 1.2367 and 1.2292 support regions.
