The EURUSD pair remains bearish and under downside pressure in early Friday trading, as risk-off trading sentiment continues to spread through broader financial markets. Price-action is currently range-bound between the 1.2240 to 1.2270 region, after the pair suffered more extreme volatility on Thursday, with the euro sinking to a new weekly low, hitting 1.2212. Moving into the European trading session, the U.S dollar index and fluctuating stock prices are likely to dictate the EURUSD pair next directional bias.

• The EURUSD pair is strongly bearish while trading below the 1.2275 level, further losses towards the 1.2212 and 1.2192 levels may occur.

• Should EURUSD price-action move above the 1.2275 level for a sustained period, we may see a move back towards the 1.2305 and 1.2332 resistance levels.