EURO TESTING MONTHLY PIVOT
The EURUSD pair has come under heavy selling pressure, as the U.S dollar index surged higher, following yesterday FOMC meeting. Following the monetary policy statement release, the 1-hour price-candle immediately spiked to 1.2031, then fell to 1.1861.
Price-action has subsequently recovered above the pairs 50-month moving average, at 1.1870, and is now probing the EURUSD monthly pivot point, at 1.1884.
Today's daily price close will be critical, as yesterday we saw the euro move price above the former weekly price high. Today the EURUSD must hold price above the former weekly price low, at 1.1838, to keep medium-term bullish trading sentiment intact.
Key intraday technical support is found at the 1.1870 level, and the pairs 50-day moving average, at 1.1851.
Below 1.1851, the former weekly low is found at 1.1838, with further support at 1.1815.
Resistance above the 1.1884 level is found at the Monday price low, at 1.1915, and the pairs weekly pivot point, at 1.1938.
Today's EURUSD daily calculated pivot point is found at the 1.1929 level.