EURO SLIPPING TOWARDS 1.1500 LEVEL
The EURUSD pair has continued to slip towards the 1.1500 level, hitting 1.1514 during the European trading session, as a move into commodity linked currencies continues to push the euro and the greenback lower.
Euro traders also remain cautious ahead of the European Central Bank interest rate decision and policy statement on Thursday. Speculation is mounting that ECB President Mario Draghi may now wait until his Jackson Hole speech in August, to announce the reduction in ECB monetary stimulus.
In the short term, the EURUSD risks further intraday losses, whilst price remains below the daily pivot point, located at 1.1549.
Above the daily pivot, resistance is found at the 1.1583 level, which is the current 2017 yearly price high. Further resistance is found at the 2016 yearly trading high, at 1.1616.
To the downside, the H1 time frame, 50 period moving average is currently supporting price, at 1.1520. Further intraday support is found at the former weekly price high, at 1.1489. Below the 1.1489 level, the EURUSD weekly pivot point comes in at 1.1443.