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EUR Turning down Under Pressure

EURUSD pulled down significantly during the Friday’s session reaching towards the 1.24 level which offered a bit of support. EUR.USD still trading down 0.1% at around $1.24 on Monday with only minor data about the Eurozone current account in December and Bundesbank monthly Bulletin.

The EURO-Dollar rehashed disappointments to expand and sustain the strength of the 1.2546 mental stamp now appears to point towards a conceivable bearish double-top chart pattern formation on daily charts. Having said that, the short-term top development would be confirmed just once the pair conclusively breaks below an essential horizontal support near the 1.2215-10 zone. 

If the EURUSD breaks down below the 1.24 Level, then the market probably will go down toward the 1.23 Level to look for the support again. Shorting is still an early step, better to short below the 1.21 level which was the massive resistance that it had broken out of previously.

The Bottom Line

This week the attention will be on the preliminary February Euro-Zone PMI readings on Wednesday, and the minutes from the European Central Bank's January meeting that should help shape the market’s perception of the region’s growth prospects.

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