EURUSD STILL BULLISH ABOVE KEY 1.2305 PIVOT
The euro continues to trade above the key 1.2305 level against the U.S dollar, after earlier finding strong dip-buying demand from the 1.2268 technical level. Political uncertainty from the Italian election and weaker than expected European data, caused the pair to move lower during Monday’s European session. EURUSD buyers have now taken back control of pair, with a bullish inverse head and pattern forming across multiple time-frames.
- EURUSD buyers retain control of the pair whilst price-action trades above the 1.2305 level. Short-term upside objectives are located at the 1.2364 and 1.2430 levels.
- If the EURUSD trades below the 1.2305 level for a sustained period, sellers may push the pair back towards the 1.2268 support region.