The EUR/USD pair faces further downside pressure as it looks to extend downside pressure. On the upside, resistance comes in at 1.2350 level with a cut through here opening the door for more upside towards the 1.2400 level.

Further up, resistance lies at the 1.2450 level where a break will expose the 1.2500 level. Conversely, support lies at the 1.2300 level where a violation will aim at the 1.2250 level. A break of here will aim at the 1.2200 level. Below here will open the door for more weakness towards the 1.2150.

All in all, EUR/USD faces further downside threats.

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