The EURUSD pair was trading 0.30% weaker during the London session on Monday and was seen dropping to the 1.1920 level in the morning as the US dollar continued to surge against all the major currencies.
Earlier in the day, German factory orders slowed notably, when the year-on-year change ticked lower from 3.5% to 3.1%, while analysts had expected an improvement to 5.0%, while the monthly change cratered to -0.9% from 0.3% previously. The euro slid after these weak numbers.
The EURUSD pair is now testing the last key support of previous highs and lows, which is around 1.1920. If not held, the single currency might confirm the current bearish trend, with the next target around 1.18.
On the other hand, the resistance is near the psychological level of 1.20, where the 200 day moving average is also located and as long as the pair trades below, rallies could be sold.
There are no major macro data on the agenda today and therefore the current intraday trend might persist throughout the day. In all cases we strongly recommend to have rigorous money and risk management.
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