The euro is attempting to regain bullish trading momentum against the greenback, after retreating sharply from the 1.2382 resistance level on heightened risk-aversion in financial markets. The EURUSD pair is currently trading around the 1.2334 resistance level, after finding strong buying demand from the 1.2280 region yesterday. Moving into the U.S session, traders look to the release of U.S Durable Good Orders and New home Sales data.
The EURUSD pair retains a bullish intraday bias whilst price-action holds above the 1.2305 level, key resistance is now found at the 1.2348 and 1.2382 levels.
Should the EURUSD pair slip below the 1.2305 support level for a sustained period, a further decline towards the 1.2284 and 1.2253 levels remains possible.