EURUSD ATTEMPTING RECOVERY ABOVE 1.1800
The EURUSD pair is currently trading back above the 1.1800 level, with price finding a ceiling at 1.1813 during the European session, as today's sell-off in commodity currencies helps to boost demand for the single currency.
On an intraday basis, the EURUSD now trades above the calculated daily pivot point at 1.1802, although traders will also be paying close attention to the euro's 200-week moving average, which is found at 1.1783.
The economic calendar remains light during the upcoming U.S session, trading is more inclusive to be driven by sentiment and key technical levels.
Looking at the EURUSD upside, the 1.1820 level remains important going forward, it represents the 50 percent Fibonacci retracement of the last week's price range. Above the 1.1820 level, further resistance is found at the 61.8 Fibonacci retracement, at 1.1840 and the weekly pivot, at 1.1869.
To the downside, key support for the EURUSD is found at the 1.1783 level, below the 1.1783 level, further support is found at the former weekly low, at 1.1735, and the 2015 price high at 1.1713.