EURUSD LOOKS TO KEY SPEECH FROM NEW YORK FED PRESIDENT DUDLEY
The EURUSD is trading close to the former weekly price close, as traders now look for the next directional move in the U.S dollar to come from New York Fed President William Dudley, who is due to speak later today, in a roundtable talk with local business leaders in Plattsburgh, New York.
Financial markets hope FOMC vice-chairman William Dudley can help clarify the Federal Reserve's future monetary policy stance, with a focus on rate increases, balance sheet tightening and his thoughts on the recent weaker U.S inflation readings.
In the short-term, the EURUSD remains bullish whilst trading above the 1.1166 level, with the price so far this Monday comfortably trading above the daily pivot point at 1.1178.
In the medium-term, the EURUSD remains neutral, with price currently failing to close above the 1.1208 level, but also unable to close below the 1.1148 level on a sustained basis.
To the upside, the weekly pivot is calculated at 1.1208, with further resistance located at 1.1257 and the 1.1300 level.
To the downside, 1.1166 and 1.1148 still remain critical downside levels for the EURUSD, with the monthly pivot point at 1.1117 coming into focus should price break below the former weekly low at 1.1132.