The euro has fallen sharply lower from the 1.2500 level against the greenback, after U.S President Donald Trump endorsed having a stronger U.S dollar. After hitting a new three-year trading high, at 1.2537 on Thursday, the EURUSD pair crashed towards the 1.2564 level on the back of President Trump’s comments. Price-action is now gaining bullish momentum above the 1.2400 handle and trading around the 1.2440 region, as financial markets stay focused on the next directional move in the U.S dollar index.
The EURUSD pair retains its intraday bullish bias while price-action trades above the 1.2432 level, further upside towards 1.2500 and 1.2537 seems likely.
Should the EURUSD pair decline below the 1.2432 level, we may see further selling towards the 1.2400 and 1.2364 support levels.
