The euro has moved lower against the U.S dollar, after European Central Bank President Mario Draghi issued a stark warning about potential Trade Tariffs from the U.S during yesterday’s ECB policy meeting. The EURUSD tumbled back towards the 1.2300 level, with the pair was strongly rejected from the 1.2400 handle again, following Draghi’s dovish comments. Price-action currently holds just above the 1.2300 level headed into the European trading session, with the 1.2278 level the next major downside support level to watch.

• The EURUSD pair is intraday bearish whilst trading below the 1.2358 technical level, key intraday support is found at the 1.2178 and 1.2060 levels.
• Should the EURUSD pair gain traction back above the 1.2358 level, price-action may correct towards the 1.2400 and 1.2430 levels.