EURO TRADES BACK ABOVE 1.1900 LEVEL
The EURUSD pair has reclaimed the 1.1900 level, after falling to 1.1850 on Friday, following a report from a from a source close to the ECB, stating that the European Central Bank may not be ready reduce QE by December.
So far in early week trading the euro has moved towards its daily and weekly pivot points, around the 1.1918-20 zone, but was swiftly rejected, and now the price-action trades around the 1.1910 level.
The EURUSD pair remains bearish on an intraday basis, while trading below the 1.1920 level. However, the pair remains strongly bullish in the medium and long term while trading above the 1.1665 level.
Key intraday technical resistance is located at 1.1920, 1.1960 and the Friday swing price high, at 1.1979.
To the downside, key intraday support is located at the EURUSD monthly pivot point, at 1.1884. Below 1.1884, the Friday price low adds support, at 1.1850, as does the former weekly price low, at 1.1823.