EURO TESTS DAILY PIVOT POINT
The EURUSD pair has pulled back to test the daily pivot point, found at 1.1703, as traders take profits from 1.1775 intraday high, which also represents the highest trading level for the euro against the U.S dollar, since January 2015.
Looking ahead, three high impact economic data releases remain which are likely to move the EURUSD pair. Later today we have U.S durable goods orders, and on Friday we have German CPI data for the month of July, and the first look at U.S GDP for the second fiscal quarter.
The EURUSD still remains bullish on all time frames, however, the pair is currently slipping lower, as negative MACD price divergence on the lower time frames, and profit taking helps price correct down towards the 1.1700 to 1.1680 region.
EURUSD intraday support is currently found at the 1.1703 and 1.1680 levels, with the M30 time frame adding further support, at 1.1665.
To the upside, intraday resistance is found at 1.1733 and 1.1775 levels, with the 200 week moving average at the 1.1803 level.