The euro has fallen to a two-week trading low against the greenback, hitting 1.2245, following a strong move higher in the U.S dollar index. The EURUSD is currently trading around the key 1.2275 level, with downside pressures on the single currency likely to remain as the move higher in the U.S dollar index gathers pace. Traders now look to a raft of German trade data and the European Central Banks Monthly Economic Bulletin, which is published two-weeks after each Governing Council meeting.
The EURUSD pair is strongly bearish while trading below the 1.2275 level, further losses towards the 1.2245 and 1.2192 levels seems possible.
Should EURUSD price-action hold above the 1.2275 level for a sustained period, we may see an upside correction back towards the 1.2312 and 1.2355 levels.
