EURO TRADES BACK ABOVE 1.1166

The EURUSD has moved back above critical resistance at 1.1166, as overall U.S dollar weakness drives the pair higher in early Thursday trading. So far the pair has traded as high as 1.1174, and remains well supported above the key 1.1166 level.

Later today the European Central Bank will release a economic bulletin, which contains statistical data that the ECB use to evaluate, when setting current interest rates. The report certainly has the ability to move the EURUSD pair today, as it provides detailed analysis of current and future economic conditions from the bank's perspective.

Technically the EURUSD remains short term bullish whilst trading above the 1.1148 level, the daily calculated pivot point is located at 1.1155.

A move above the daily time frame 14 period moving average at 1.1187 should provoke further EURUSD buying towards the weekly pivot point at 1.1208.

Should euro sellers regain control below 1.1148, support is seen at 1.1132 and 1.1117.