EURUSD DIRECTION DEFINED BY 1.2050 LEVEL
The euro has moved marginally lower against the U.S dollar during the European trading session, falling to a session low around the 1.2040 region. The EURUSD slipped back despite a round of positive economic data points from the eurozone, which showed rising monthly inflation in the euro trading block and positive German Retail Sales figures. Moving into the U.S session, buyers will look to breach the 1.2089 weekly price- high, while sellers will be focused on the psychological 1.2000 support region.
The EURUSD pair remains bullish while trading above the 1.2050 level, a break of the 1.2089 weekly-high should expose further upside towards 1.2150 and 1.2200.
If sellers can contain the EURUSD below the 1.2050 level, sellers will try to move price-action back below the 1.2030 and 1.2000 levels.