The euro remains under selling pressure against the U.S dollar in early Wednesday trading, with price-action now consolidating around the critical 1.2330 support level. The EURUSD pair has been sold on upside rallies toward the key 1.2363 resistance level, as the U.S dollar index continues to move higher across the board. During today’s European trading session PMI Manufacturing data from across the eurozone will be released, with preliminary figures for the month of February in focus.
The EURUSD pair is likely to come under further selling pressure below the 1.2330 level, key technical support is found at the 1.2292 and 1.2270 levels.
If price-action can move above the the 1.2363 resistance level for a sustained period, buyers may attempt to re-test the 1.2390 resistance level
