EURO HITS NEW 10 MONTH TRADING HIGH AT 1.1418

The EURUSD pair has moved to a new ten month trading high, hitting 1.1418 during the Asian session, following renewed hawkish comments from European Central Bank President Mario Draghi.

During the European trading session today, we see the release of June CPI figures for the Spanish and German economies, with the inflation data expected to show declining prices across both countries.

The EURUSD pair remains strong bullish on medium and longer time frames whilst trading above the crucial 1.1300 level.

In the short term, the pair retains a bullish bias whilst clearly trading above the M30 time frame 100 period moving average at 1.1339.

The euro has found strong fibonacci resistance from the 1.1418 level. Should the euro surpass this level, further resistance can be found at the June 2016 trading high, at 1.1427.

Above 1.1427, the EURUSD will then look to major longer term historical resistance at 1.1458.