EURO TESTING H4 TIME FRAME SUPPORT
The EURUSD remains at elevated trading levels above the 1.1400 handle as the new trading month begins. The pair is currently testing H4 time frame support, with the 20 period moving average now capping the euro downside, at 1.1405.
On Friday the pair managed an impressive monthly price close at 1.1425, spurred on by hawkish comments from ECB President Mario Draghi.
In the short term, the pair remains slightly bearish whilst trading below the calculated daily pivot point at 1.1425 level. In the medium term, the pair remains strongly bullish whilst trading above the June 28th price low at 1.1291.
A series of higher time frame price closes beneath the H4 time frame 20 period moving average, should provoke selling towards the weekly and monthly pivot points, located at 1.1347 and 1.1330.
EURUSD intraday price resistance is located at the key long-term Fibonacci level 1.1458, and the May 5th, 2016 price high at 1.1493.