EURO EDGES CLOSER TO 1.20 LEVEL
The euro has moved to yet another 2017 trading high against the U.S dollar, hitting 1.1986 in late Monday trading, with price edging ever closer to the psychological 1.20 level.
In early Tuesday trading, the EURUSD pair is trading around the 1.1970 region, finding support from 1.1955 level. The single currency now looks poised to move above for the key 1.20 level, for the first time since December 2014.
EURUSD traders should pay close attention to the continuing decline in the greenback, with the U.S dollar index now approaching historical support from the 91.62 level, which represents the ten-year time frame, 20 period moving average.
Key intraday technical resistance is found at the psychological 1.2000 level, with the 50 percent Fibonacci retracement of the all-time EURUSD price high to low, at 1.2030. The July 2012 monthly swing price low, also adds strong resistance, at 1.2041.
The daily pivot point offers support, at 1.1960, as does the former EURUSD swing price high, at 1.1910.