EURO HOLDING 1.1800 LEVEL
The euro continues to firm above the 1.1800 handle against the U.S dollar, touching a high of 1.1828, after Catalonia’s leader stopped short of making a formal declaration of independence from Spain on Tuesday, instead of calling for talks with Madrid over the region’s future.
Today's trading sentiment the EURUSD pair is bullish, as imminent financial market risks have subsided, with the single currency staging a relief rally.
Going forward, the EURUSD pair should remain further bullish while holding price above the 1.1800 level. A near-term break-above the 1.1832 level will likely expose further buying towards interim resistance at 1.1858.
Later today the EURUSD faces a key risk event, with the release of FOMC Meeting Minutes. Any indication of an upcoming U.S rate hike inside the meeting minutes, is likely to be taken as U.S dollar supportive.
Key intraday resistance on the EURUSD pair is located at the September 29th price-high, at 1.1832, and the pairs 50-day moving average, at 1.1858. Once above 1.1858, further resistance is found at the pairs monthly pivot point, at 1.1875, and the key 1.1910 level.
Key technical support is found at the pairs daily pivot point, at 1.1800 and the recent swing price-low, at 1.1795. Once below 1.1795, further support is found at 1.1770, and the pairs weekly pivot point, at 1.1740.