EURO MOVES AWAY FROM 1.1600 LEVEL

The EURUSD pair continues to move away from the 2017 yearly price high, set on Tuesday, at 1.1583. Euro traders continue take profit off the table, ahead of the European Central Bank meeting on Thursday.

At present the EURUSD is slipping below M5 time frame moving averages, and trades around the 1.1530 level. Further intraday selling is expected whilst the pair trades below the H1 time frame 20 period moving average, and the calculated daily pivot point, at 1.1567.

Key EURUSD support is found at the M30 time frame 100 period moving average, at 1.1511 and then the former weekly price high, at 1.1489.

The calculated EURUSD weekly pivot point is located at the 1.1443 level.

Key intraday technical resistance is found at the daily pivot, at 1.1567, and the recent yearly price high, at 1.1583. Critical intraday resistance is found at the May 3rd 2016 price high, at 1.1616.