EURO STARTS TO RECOVER
The EURUSD pair has started to recover yesterday's losses during the European trading session, after traders failed to push price below its key 200-week moving average, whilst the U.S dollar index pulled back from five-week trading highs.
After three days of heavy trading losses, the intraday sentiment surrounding the euro currency is currently neutral, ahead of German inflation data, with sellers and buyers currently battling around the 1.1770 region.
Earlier, the EURUSD pair found intraday support from the 1.1720 level, which further encouraged euro buying interest as the sellers failed to push-price below the former daily price-low.
A move above the 1.1800 level should help lift sentiment surrounding the pair, whilst a move below 1.1720 should encourage selling towards 1.1660.
Key intraday support for the EURUSD pair is found at the pairs 50-hour moving average, at 1.1764, and the pairs daily pivot, at 1.1751. Below the daily pivot, the 1.1720 and 1.1716 levels become critical intraday support.
Key intraday resistance is located at 1.1780 and the key 1.1800 level. Once above the 1.1800 level, the pairs 100-hour moving average offers strong intraday resistance, at 1.1833.