EURO APPROACHING FORMER WEEKLY HIGH
The euro has reclaimed the 1.2000 handle against the U.S dollar, ahead of today's Federal Reserve interest rate decision. The EURUSD pair has so far reached 1.2019, with price-action falling just short of the former weekly high, at 1.2029.
Price-action on the EURUSD is currently strongly bullish, with the pair threatening to break higher to new 2017 trading high's, if the Federal Reserve disappoint market participants later today.
Going forward, a series of higher time-frame price close above the 1.2038 level should signal further strong gains for the euro. To the downside, a break below the 1.1937 level should signal a deeper price correction lower in the euro.
Key intraday resistance for the EURUSD above the 1.2038 level is found at 1.2069, 1.2092, 1.2131 and 1.2160.
Key intraday technical support for EURUSD pair is found at the daily pivot at 1.1985, the 1.1957 level, and the weekly pivot point, at 1.1938.
Below the 1.1937 level, further support is located at the 1.1915, 1.1889, and the monthly time-frame 50-period moving average, at 1.1871.