EURO BULLS BACK IN CONTROL
The EURUSD pair has moved to an intraday price-high of 1.2006, after a series of positive eurozone economic data points. The German ZEW survey for the month of September, beat market expectations and the eurozone's current account surplus also widened.
Going forward, the euro retains a strong position against the greenback, ahead of tomorrow's Federal Reserve interest rate decision whilst price-action holds above the pairs weekly pivot point, found at 1.1938.
Despite today's bullish intraday rally above the 1.2000 level, the euro failed to break above the former weekly high, at 1.2029. A higher weekly price higher, should signal further EURUSD gains, whilst multiple price failures below the 1.2029 level may signal a deeper downside correction on the pair.
Key technical support is located at the current daily price low, at 1.1953, and the weekly pivot point, at 1.1938. Below 1.1938, price will likely target towards 1.1915, and 1.1889.
To the upside, key intraday resistance is found at 1.1979 and 1.2006. Above the 1.2006 level, further resistance is found at the former weekly high, at 1.2029, and the key long-term Fibonacci resistance level, 1.2039.