EURO WEAKER INTRADAY BELOW 1.1790 LEVEL
The euro currency has failed to build on upside momentum above the 1.1790 level against the U.S dollar, and has started to slip back towards the 1.1770 support region. The U.S dollar index has now retraced most of Monday’s losses, as investors start to position for the expected rate hike from the Federal Reserve on Wednesday. The EURUSD pair will likely be driven by the release of the German ZEW economic survey during the European trading session. Moving into the U.S session, the market mover for the pair will be the release of U.S PPI inflation figures, and scheduled speech from ECB President Mario Draghi.
The EURUSD pair remains weaker intraday while price-action trades below the 1.1790 level, further selling towards the 1.1750 and 1.1730 technical levels may occur.
Should the EURUSD pair move above the 1.1790 technical level, intraday buyers may start to target towards the 1.1811 and 1.1850 resistance levels.