EURO MOVES LOWER ON ECB COMMENTS

The EURUSD pair has fallen through key intraday support after European Central Bank members Yves Mersch, and his German colleague Jens Weidmann, both voiced concerns over whether the European economy has recovered enough to withstand higher rates and less monetary stimulus from the ECB.

The euro fell through the 1.1400 level and currently trades towards the 1.1370 region. The pair has now closed the last H4 price candle beneath the 20 period moving average, causing selling pressure to accelerate.

The EURUSD has turned bearish on all lower time frames, with stochastic and MACD indicators pointing lower.

Short term resistance is now located at the H1 timeframe 100 period moving average, at 1.113.85 and the H4 time frame 20 period moving average at 1.1407.

Support for the EURUSD is now found at the weekly pivot point at 1.1347, and the monthly pivot point at 1.1330, with further critical resistance, found at 1.1291.