A bout of selling bias is now hurting the single currency and forcing EUR/USD to abandon the area of recent tops around 1.2475. What factors are likely to set the intraday trading tone? The answer is found in this 27 March EURUSD Intraday Technical Analysis.
27 March, OctaFX – The euro currency has moved back towards key technical support against the U.S dollar, after hitting an intraday price-high of 1.2475, during the European trading session.
The EURUSD is only technically bullish whilst trading above the 12430 level, a key technical level the single currency has previously struggled to hold above. Moving into the U.S trading session, demand for riskier asset classes and the release of U.S Consumer Confidence data are likely to set the intraday trading tone.
27 March EURUSD Intraday Technical Analysis
The pair retains a strong bullish bias while trading above the 1.2430 level, key technical resistance is found at the 1.2475 level, and the 2018 EURUSD price-high, located at the 1.2555 level.
If the EURUSD pair holds price-action below the 1.2430 level for a sustained period, sellers are likely to test towards the 1.2400 and 1.2382 technical support levels.
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