EURO BUYERS TARGETING 2017 PRICE HIGH
The EURUSD pair has moved to fresh weekly trading high, hitting 1.1425, as euro buyers continue to pressure the US dollar, following the release of a hawkish European Central Bank June meeting minutes yesterday.
The German 10-year bund yield approached a eighteen month trading high, as traders expect the European Central bank will soon drop the long-standing pledge to buy unlimited amounts of European government bonds.
Technically the EURUSD remains bullish on all time frames, with daily time frame MACD and Stochastic indicators pointing to further euro gains.
To the upside, the May 1st 2016 price high, at 1.1616, comes into euro traders focus once the pair moves above the current yearly price high at 1.1445, and the 1.1458 resistance level.
Key intraday support for the EURUSD is found at the calculated daily pivot point, at 1.1389. Below 1.1389, the H1 time frame 200 period moving average, is located at 1.1363.