The EURUSD pair has moved sharply lower, after reports surfaced that the Trump administration is moving closer to finalizing a fifteen percent corporate tax rate, with plans to present the new taxation rate to congress on September 25th.
Price-action has so far found strong intraday technical support from the 1.1870 level, which represents the euro’s monthly time frame, 50-period moving average.
The EURUSD pair remains under short-term selling pressure while trading below the key 1.1957 level, which is the euro’s calculated daily pivot point and yesterday’s range break-out zone.
Key intraday technical support below the 1.1870 level is located at the H4 time frame 200 period moving average, at 1.1852, and the 50-day moving average, at 1.1818.
To the upside, key technical resistance is located at 1.1890, and the September 12th price low, at 1.1926. The euro’s 50-hour moving average offers critical intraday resistance, at the 1.1940 level.
