The euro currency has moved lower against the U.S dollar, as risk-off trading sentiment spreads through financial markets, following China’s decision to impose tariffs on imports of U.S Pork and Fruit products. The EURUSD pair is currently consolidating just above 1.2300 support level, after declining rapidly from the level 1.2345 area on Monday. The euro is likely to come under selling pressure once clearly below the 1.2300 level, with the 1.2275 level the key support area to watch.
The EURUSD pair is strongly bearish whilst trading below the 1.2275 level, further declines towards the 1.2239 and 1.2205 level seem likely.
Should price-action continue to hold above the 1.2300 level, further upside towards the 1.2334 and 1.2382 levels remains possible.
