EUR/USD remains in range around 1.2250, consolidates weekly losses

• EUR/USD continues to move sideways around 1.2250. 
• Greenback gains momentum as Wall Street hits fresh lows. 

The EUR/USD pair continues to trade around 1.2250. At the beginning of the US session, it peaked at 1.2280 but then bounced to the downside and dropped to 1.2238. Since yesterday, the euro is moving sideways. 

The Dow Jones accelerated to the downside during the last hour and it was falling 0.30%. The sliding in equity prices boosted some demand for the US Dollar and sent EUR/USD modestly to the downside. The pair was able to hold above daily lows. 

The pressure to the downside is likely to persist as fears in Wall Street continue to dominate. The latest slide could also be triggered by a decline in crude oil prices. The WTI fell below $60 a barrel for the first time in 2018. 

The greenback remains supported by risk aversion and also after the Congress passed a two-year budget deal, later signed by President Trump that ended the brief government shutdown. 

Technical levels 

To the downside, support levels might be located at 1.2225 (Feb 9 low), 1.2210 (Jan 22 & Feb 8 low) and 1.2160/65 (Jan 17 low). On the upside, immediate resistance could be seen at 1.2260 (20-hour moving average), followed by 1.2295 (upper limited of the current range) and 1.2330 (Jan 29 & 30 low).