EURO REJECTED AT 100 HOUR MOVING AVERAGE
The EURUSD pair has found strong intraday technical resistance just below the psychological 1.2000 level, trading to 1.1995, which represents the single currencies 100-hour moving average.
Price-action is currently trading around the 1.1970, as the euro searches for direction, in narrow range-bound conditions, between the 1.1960 to 1.1995 region.
The EURUSD pair remains neutral on an intraday basis, but strongly bullish in the medium and long-term, as traders await the release of high impact United States economic data.
To the upside, key technical resistance is located at the weekly pivot point, at 1.1999, and the key 1.2030 level. Above the 1.2030 level, further resistance is located at 1.2069 and 1.2092.
To the downside, key technical support is located at the daily pivot point, at 1.1957 and the current weekly price low, at 1.1926.
Below the 1.1926 level, key EURUSD technical support is located at 1.1890 and the monthly time frame, 50 period moving average, at 1.1872.