EURO MOVES BACK TO WEEKLY PIVOT
The euro has slipped below the key 1.1900 level, as the U.S dollar index moves higher across the board. So far, the EURUSD has found support from 1.1870 level, just above the pairs weekly pivot point, at 1.1865.
During the European trading session, we see a number of high-impact economic data points, with the release of the German unemployment rate, and August inflation data for the eurozone.
The EURUSD pair has pulled back sharply from the recent high, set at 1.2070, with the euro also failing to close above the psychological 1.2000 on a daily time-frame basis.
Key intraday technical support for is found at the weekly pivot point, at 1.1865, and the H4 time frame 100-period moving average, at 1.1811. The euro's 200-week moving average, adds critical support, at 1.1753.
Key intraday technical resistance is found at the monthly time frame, 50-period moving average, at 1.1900. Above the 1.1900 level, the 1.1920 level represents the EURUSD pivot point, with further upside resistance at the 1.1942 level.