EURO BACK ABOVE SUPPORT AHEAD OF GERMAN IFO
The EURUSD pair has moved back above the 1 hour time frame, 50 period moving average, at 1.1651, after slipping back to the 1.1626 level during U.S trading session on Monday.
The main event for the EURUSD pair today will be the release of the German IFO survey, which is expected to slightly to decline from the previous month. Traders are likely to remain cautious heading into the U.S session, as we approach the upcoming Federal Reserve interest rate decision and policy statement on Wednesday.
Key intraday support for the EURUSD pair below the H1 time frame 50 period moving average, is found at the calculated daily pivot point, at 1.1646.
Further support is found at the current weekly price low, at 1.1626, and then the calculated EURUSD weekly pivot point, at 1.1593.
To the upside, the 1.1685 Fibonacci level remains strong intraday resistance for the EURUSD pair. Once above the 1.1685 level, the 2015 price high comes into focus, at 1.1713, with the 1.1730 level acting as further resistance once the 1.1713 level is surpassed.