EURUSD WATCHING MONTHLY PIVOT POINT
The euro has made another recovery higher against the US dollar, after finding strong dip-buying interest from the 1.1323 support level. The EURUSD continues to create higher price lows and is now trading back above the pairs monthly pivot point, at 1.1345. The short-term outlook for the EURUSD remains neutral until a clear breakout from the 1.1300 to 1.1400 price range has occurred.
The EURUSD pair is only bullish while trading above the 1.1400 level, key technical resistance remains at the 1.1470 and 1.1500 levels.
If the EURUSD pair trades below the 1.1300 level, sellers are increasingly likely to test the 1.1270 and 1.1216 levels.