EURO BREAKS ABOVE 1.1800

The EURUSD pair has broken above the 200-week moving average, as better than expected data from the eurozone helped move the single currency to a new two and a half year trading high against the U.S dollar, hitting 1.1846 during the Asian session.

As the first European trading session of August gets underway, EURUSD traders will look to EU PMI manufacturing data and preliminary second quarter GDP data from the eurozone.

The EURUSD pair remains strongly bullish on all time frames, despite overbought readings on high time frame stochastic and MACD indicators.

Whilst trading above the 200-week moving average, at 1.1793, the EURUSD may now start to target towards the 1.1875 level, and the monthly time frame 50 period moving average, at 1.1899.

Intraday EURUSD support is found at the M5 time frame 200 period moving average at 1.1810, the crucial 1.1793 level and the former EURUSD price high, at 1.1775.