The euro has moved below the 1.2390 level against the greenback, after the U.S dollar index rebounded higher on bullish comments from U.S President Donald Trump. The EURUSD pair now trades just below the pivotal 1.2390 level, after finding interim weekly support around the 1.2365 level on Monday. Euro traders remain cautious ahead of a key vote in German politics today, where the Social Democrat Party will hold a ballot vote, centering around the decision on whether to form a new coalition government.
The EURUSD pair is intraday bearish whilst trading below the 1.2390 level, further downside towards 1.2360 and 1.2290 remains possible.
A sustained move back above the 1.2390 level should lead the EURUSD pair to strengthen back towards the 1.2430 level. Extended intraday resistance is found at the 1.2491 and 1.2554 levels.
