EURO HIGHER AFTER POSITIVE ECB MONTHLY BULLETIN

The EURUSD has moved to a two-day price high of 1.1177 after the ECB monthly report noted that recent Eurozone economic data pointed to solid growth.

In the near term, the pair has slightly retreated from the daily price, with price moving away from strong technical resistance at the H4 timeframe, 50 period moving average, at 1.1180.

Technically the pair remains bullish above the calculated daily pivot point at 1.1155, with further support slightly below at 1.1148.

Upside technical resistance for the EURUSD remains 1.1180, 1.1208 and 1.1257.

A sustained move below the monthly pivot point at 1.1117 becomes a game changer for the EURUSD pair, with traders likely to turn medium term bearish on the euro whilst below this level.