EURO OPENS THE WEEK NEUTRAL
The EURUSD pair has opened the week with a neutral trading bias, with the pair holding above the 1.1900 handle, but seemingly unable to move price-action back above the key 1.1979 level.
This week the euro faces a number of key risk events, firstly, we have the U.S Federal Reserve interest rate decision and monetary policy statement mid-week, and then we see the results of the German Federal over the coming weekend.
The EURUSD pair is tentatively trading above its calculated weekly pivot point, located at 1.1938. Traders should watch this level closely for further confirmation of the euros intraday directional bias.
Key intraday resistance above the 1.1938 level is located at 1.1957 and 1.1979. Above 1.1979, the euro may further test towards 1.1999 and 1.2030.
Key intraday support below the 1.1938 level is found at found at the 50-hour moving average at 1.1917 and the former swing price low, at 1.1907.
Below 1.1900, traders should look to the 1.1889 level for further support, and the key 50-period moving average on the monthly time-frame, at 1.1871.