EURUSD MOVES ABOVE 1.1166 RESISTANCE

The EURUSD has moved above strong resistance at 1.1166, setting an intraday high at 1.1184, with the pair now consolidating above the daily pivot at 1.1170.

At present, the move higher appears to be attributed to optimism over the Eurogroup and Greece reaching a deal this weekend. Also, the U.S dollar has softened slightly today, with the greenback modestly giving back some weekly gains.

Technically the EURUSD pair still remains bullish in the short term, with the pair trading below the H1 time frame 200 period moving average at 1.1214, which also coincides with the weekly pivot point and the H4 100 period MA.

Recent rejection from the 1.1184 level may have provided an opportunity for traders to sell the EURUSD from higher levels, with 1.1166 and 1.1148 now becoming former resistance turned support.

Should the bid tone continue in the EURUSD past 1.1184, upside resistance comes at 1.1192 and 1.1204, with 1.1214 now acting as the strongest intraday resistance given the relatively narrow daily trading range.