EURUSD AWAITS KEY EUROZONE PMI DATA
The EURUSD pair has opened the new trading week with a renewed bid tone, as financial markets await the release of July preliminary PMI manufacturing data from across the Eurozone.
At present, the EURUSD trades just below two technical levels of historical importance, the 23.6% Fibonacci retracement of the 2008 EURUSD price high, to the 2017 price low, sits at 1.1685. The EURUSD also trades close to the 2015 trading high, found at the 1.1713 level.
Key technical support for the EURUSD pair is found at the daily pivot point, at 1.1657, and the M30 time frame 100 period moving average, at 1.1618.
The new calculated weekly EURUSD pivot point is found at the 1.1593 level.
To the upside, once the EURUSD pair clearly breaks above the 2015 trading high, at 1.1713, technical resistance sits at the 200 week moving average at 1.1803, and the monthly time frame, 50 period moving average, at 1.1930.