The euro continues to trade on the backfoot against the greenback in early week trading, as the U.S dollar index stages a comeback from three-year trading lows. The EURUSD pair currently trades around the 1.2420 region, with downside pressures likely to remain whilst price-action holds beneath the pairs 200-month moving average, located at 1.2430. With a lack of high-impacting macroeconomic data on Monday, the pair is likely to be increasingly technically driven, with the 1.2390 to 1.2430 price-range the key for the next directional move.
The EURUSD pair is only intraday bullish above the 1.2430 level, above this level key resistance is found at the 1.2490 and 1.2554 levels.
A strong move below the 1.2390 level will likely support further EURUSD selling, with key technical support found at the 1.2367 and 1.2291 levels
