The euro has moved back below key weekly support against the U.S dollar, after stronger U.S fourth quarter GDP numbers and rising demand for the greenback. Selling pressures are likely to remain on the EURUSD pair, whilst price-action trades below the pivotal 1.2382 technical level. Traders now look towards the release of German CPI data, with the EURUSD now turning negative for the trading week, after earlier staging an impressive upside rally towards the 1.2475 level.
The EURUSD pair is bearish whilst trading below the 1.2382 level, key intraday technical support is now located at the 1.2280 and 1.2205 levels.
Should EURUSD price-action move back above the 1.2382 level, a bullish correction towards the 1.2400 and 1.2430 levels remains possible.
