EURUSD BOUNCES FROM MONTHLY PIVOT

The EURUSD pair yesterday managed to break below key technical support at 1.1132, however the euro was unable to move below the 1.1100 level, with dip buyers lurking around the calculated monthly pivot point, at 1.1117.

Overnight price action continues to test above and below the former weekly low of 1.1132, with the U.S dollar index now starting to move slightly lower.

Technically the pair remains bearish in the short term, with a intraday move below the monthly pivot point, and the daily time frame 50 period moving average, at 1.1096, now needed to cement the overall medium term bearish EURUSD view.

The daily calculated pivot point comes in at  1.1140, with critical intraday resistance located at 1.1148 and 1.1166.