EURO RISES THEN FALLS

The EURUSD pair yesterday rose to a intraday high of 1.1219, after the release of the weaker than expected U.S core durable goods orders. However, the euro soon dropped towards 1.1180, as ECB President, Mario Draghi, talked down the eurozone recovery, at his scheduled speech, in Portugal.

ECB President Draghi is scheduled to speak again today during the European session, also Fed Chair Janet Yellen is also set to deliver a keynote speech on the global economy in London, later this afternoon.

The EURUSD remains neutral in the short time, with the pair seeking direction above and below the daily pivot point, located at 1.1192.

In the medium term the pair retains a bullish bias whilst trading above the weekly pivot, at 1.1175.

Further support is found at the key 1.1166 technical support level, followed by strong intraday support at 1.1132.

Upside resistance for the EURUSD sits at 1.1208 and the former daily high at 1.1219. Above 1.1219 buying interest should accelerate towards 1.1232 and 1.1257.