EURUSD HITS NEW HIGH AT 1.1388

The EURUSD pair has continued to move higher in the European session, building on Tuesday's upside breakout, setting a new yearly trading high, at 1.1388 level.

Financial markets focus during the U.S session will now turn to comments coming from the central banker’s panel discussion, at the European Central Bank Forum, in Portugal.  Traders will also look to the release of  U.S housing and advanced goods orders data.

The EURUSD remains strongly bullish on all time frames, however overbought conditions and negative price divergence are starting to build on lower time frame stochastic and MACD price indicators.

Support for the EURUSD is located at 1.1350 and 1.1330, with critical intraday support at 1.1300.

To the upside, the pair has numerous strong technical levels above the 1.1388 intraday price high. Firstly the 1.1410 level is strong historical resistance for the EURUSD, then the 1.1430 region offers solid resistance. Additionally, the 1.1458 level remains a long-term Fibonacci level the euro has previously struggled to overcome.