EURO TESTS FIBONACCI RESISTANCE

The EURUSD continues to hold onto Friday's strong trading gains, hitting 1.1835 in early Monday trading, following weaker than expected consumer price inflation figures from the United States economy.

At present, the 61.8 percent Fibonacci retracement of the current yearly price high, attached to last week's trading low, is proving strong intraday technical resistance for the single currency.

The euro remains strongly bullish on all time frames, and is currently building bullish momentum for a further technical attempt at the yearly price high.

Key intraday support for the EURUSD is found at the H4 time frame, 50 period moving average, at 1.1798. Critical resistance is found at the 200-week moving average, at 1.1783.

Upside resistance for the EURUSD pair is found at the former weekly price high, at 1.1848, the monthly time frame, 50 period moving average, at 1.1898, and the 2017 price high, at 1.1910.