EURO LOOKS TO DRAGHI FOR DIRECTION

The EURUSD continues to trade at elevated levels just below the 1.1200 level, as the new trading week starts to get underway. Euro dip buyers still retain control of the EURUSD whilst the pair trades above the 1.1166 level.

Later today the euro may react to remarks from European Central Bank President Mario Draghi, who will be speaking at the ECB forum on Central Banking in Sintra, Portugal.

In the short term the EURUSD remains bullish, with the pair now attempting to reclaim the 1.1200 level.

Technical resistance is located at the former weekly high at 1.1212, and then the former swing high at 1.1228.

EURUSD support below the 1.1190 level is found at the weekly calculated weekly pivot point, at 1.1175, and then the key 1.1166 level comes into focus.

Below 1.1166, the daily pivot point is located at 1.1156, with the June 23rd price low offering further support at 1.1145.