The euro has reversed early week trading losses against the greenback, following dovish news coming out from the European Central Bank on Monday. The EURUSD pair quickly moved back above the 1.2305 level, after reports that ECB policymakers had shifted talks towards on how quickly the ECB can raise interest rates after ending QE. Traders now look to key economic data from the German economy, with monthly PPI inflation and ZEW survey numbers coming out during the European trading session.
The EURUSD pair is bullish whilst trading above the 1.2334 level, key technical resistance is now found at the 1.2382 and 1.2430 levels.
If the EURUSD pair falls below the 1.2334 support level, a price correction towards the 1.2305 and 1.2278 level may occur.
