EURO LOOKING FOR 1.1700

The EURUSD pair has moved to a new 2017 trading high, hitting 1.1656, following a hint from European Central Bank President Mario Draghi, that the Governing Council may adjust the current quantitative easing program this Autumn.

In early Tuesday trading, the euro has backed away from the 1.1656 level, maintaining price around the 1.1620 level, and holding above the 2016 price high, at 1.1613. Whilst clearly above the 1.1600 level, the EURUSD pair may advance higher towards the 2015 price high, at 1.1711.

The EURUSD pair remains strongly bullish on all time frames, with technical indicators and fundamental developments favoring continued euro upside against the U.S dollar.

Key technical support is found at the 1.1613 level, and the calculated daily pivot point, located at 1.1588. Whilst further intraday support for the EURUSD pair is found at 1.1575 and 1.1540 levels.

The EURUSD uptrend continues to breach key technical resistance levels, and move towards trading levels not seen since 2015.

Once above the current 2017 price high, set yesterday at 1.1656, further intraday resistance is found at the 1.1680 level, and the 2015 price high, at 1.1711.