The euro currency remains under pressure against the U.S dollar, heading into today’s key European Central Bank Policy Meeting. The EURUSD currently trades around the 1.2190 level, with bearish pressure building while price-action trades below the pairs 100-day moving average, found at the 1.2214 level. To the downside, a breach of the 1.2154 level may expose further losses towards 1.2088, while a clear move above the 1.2214 level may provide bulls the momentum to target the pairs 50-day moving average, at 1.2313.
The EURUSD pair is likely to sell-off sharply once below the key 1.2154 level, key support is then located at the 1.2088 and 1.2054 levels.
If the EURUSD pair starts to trade back above the 1.2214 level, buyers may test towards the 1.2248 and 1.2313 levels.
