EURO TESTING CRITICAL SUPPORT
The EURUSD pair is continuing to slip lower in early Monday trading, as German political woes weigh on the single currency. The euro was earlier rejected from the 1.1952 level, and is now testing critical support weekly, at 1.1885.
Going forward, the former weekly price low at 1.1861 may now come into focus. A move below the 1.1861 level would negate the series of bullish higher lows on the price-charts, and further dampen EURUSD trading sentiment.
Traders should now watch for a higher-time frame price close below the 1.1885 level, and also look for the key 1.1900 level to hold on any intraday upward price retracements.
Key technical support below 1.1885 is located at 1.1870, 1.1861 and 1.1838. Below 1.1838, the 1.1823 level acts as critical support protecting further declines to 1.1770 and 1.1716.
To the upside, intraday EURUSD resistance is found at 1.1900 and the former swing-high at 1.1920. Above 1.1920, further resistance is found from the daily and weekly pivot point, at 1.1928 and 1.1948.