EURO DIP BUYERS RETURN
After Tuesday's strong upside rejection from the newly printed 2017 trading high, at 1.1712, the EURUSD pair has found strong support and dip buying demand from the 1.1612 level, during the European session.
The euro is currently trading around the 1.1644 level, after finding intraday resistance around close to the daily pivot point, at 1.1657. Traders now await the release of the U.S Federal Reserve interest rate decision and policy statement later today.
At present the EURUSD pair remains bullish in the medium and long term, however, the euro is bearish in the short term whilst trading below the 1.1657 level.
Key intraday resistance is found at the 1.1683 and 1.1713 levels. Should price manage to close above the 1.1713 level, a fast paced break out towards 1.1770 level, and the 200 week moving average, at 1.1803, remains likely.
Once below the current daily price low, at 1.1612, intraday EURUSD support is found at the weekly pivot point, at 1.1593, and the H1 time frame 100 period moving average, at the 1.1569 level.