EURO TESTS KEY 1.2030 LEVEL
The EURUSD pair continues to hold above the 1.2000 level, with price-action moving to test the key 1.2030 level, despite a minor relief rally in the U.S dollar index, and a lack of macroeconomic data from Europe and the United States.
The euro is currently confined to a tight trading range between the 1.1980 and 1.2040 region, with a higher time frame close above or below these levels needed to set a stronger intraday directional trend.
This week's EURUSD directional bias is likely to be set by U.S economic data, as we see a number of high impact inflation and consumer spending data points from the United States economy.
Key intraday resistance for the EURUSD pair is located at 1.2048, 1.2069 and 1.2092. Once above the 1.2092 level, traders should look for further bullish advancement towards the 1.2130, 1.2160 and 1.2230 levels.
Intraday corrections lower for the EURUSD pair should find initial support from the September 1st Nonfarm payrolls spike high, at 1.1979.
The euro's 100-hour moving average offer further support, at 1.1968, as does the 200-hour moving average, at 1.1935.