The euro continues to remain weak against the U.S dollar, following solid U.S economic data, and another bearish technical weekly price-close. The EURUSD pair is currently trading just above the key 1.1610 support level, after again being swiftly rejected from its 200-week moving average, located at 1.1670. Euro traders now await a raft of economic data coming out from the Eurozone this morning and the start of the Eurogroup meetings from Luxembourg.
The EURUSD pair remains strongly bearish while trading below the 1.1640 technical level. Further intraday selling towards 1.1573 and 1.1510 levels remains most likely, while price-action holds below the 1.1640 level.
Should price-action move above the 1.1640 level for a sustained basis, further upside towards the 1.1670 and 1.1690 remains most likely.
