The euro currency has started the new trading week under pressure against the US dollar as fears grow that the German economy could be headed into a recession. Bearish pressure is likely to heighten while price trades below the 1.1290 level, although sellers need to break the 1.1175 level to increases selling pressures. Traders now await the release of key IFO survey data from the German economy.
The EURUSD pair bearish while trading below the 1.1290 level, key technical support is found at the 1.1237 and 1.1170 levels.
If the EURUSD pair trades above the 1.1290, buyers may test back towards the 1.1330 and 1.1360 resistance levels.
