EURUSD AWAITING TECHNICAL BREAKOUT
The euro continues to struggle with the 1.1674 resistance level against the US dollar, with the pair currently trapped in an increasingly narrow trading range. EURUSD sellers also failed to break the 1.1618 level on Wednesday, after the pair was strongly rejected from the 1.1681 level. Traders will now look for a sustained breakout from the 1.1618 to 1.1681 price-range today, ahead of the release of top-tier economic data from the United States economy.
The EURUSD pair is only intraday bullish while trading above the 1.1681 level, key resistance remains at 1.1700 and 1.1724.
If the EURUSD pair moves below the 1.1618 level, key technical support is found at the 1.1600 and 1.1553 levels.