EURUSD APPROACHING CRITICAL TECHNICAL SUPPORT

The euro continues to move lower, with the pair now testing the crucial 1.1713 support level, after falling sharply from the 1.1770 daily price high set during the early Asian trading session.

A flight into safe haven currencies and outflows from the EURCHF and EURGBP cross pairs are all weighing on the euro. During the upcoming U.S session, we have a key speech from FOMC member William Dudley, and U.S PPI figures for July, and weekly U.S jobs data.

The EURUSD pair remains bearish in the short term, with the pair risking losing medium term bullish momentum below the 1.1713 level.

Key technical support is found at the weekly price low, at 1.1689, and the euro's monthly pivot point, at 1.1665.

To the upside, intraday resistance is found at the H4 time frame, 200 period moving average, at 1.1727. Above this level, the H1 time frame 50 period moving average sits at 1.1749, whilst the current daily price high adds further resistance, at 1.1770.