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.