The euro has moved towards the 1.1760 level against the U.S dollar on strong technical buying, after intraday EURUSD sellers failed close price-action below the key pairs key 200-week moving average.
Trading sentiment surrounding the EURUSD pair has also improved, after the eurozone’s monthly Producer Price Inflation reading unexpectedly climbed 0.3 percent.
After spiking higher in the Asian trading, the U.S dollar index has declined close to forty points from today’s high, hinting that a near-term top may be in-place in the greenback, ahead of Friday’s U.S job report.
The EURUSD has also recovered above its daily pivot point, found at the 1.1748 level, and is fast approaching the key 1.1770 resistance area.
Key intraday technical support for the EURUSD is found at 1.1748, 1.1730 and 1.1710. Below the key 1.1710 level, further losses towards 1.1690 and 1.1662 are expected.
Key intraday technical resistance for the EURUSD is found at 1.1770 and 1.1800 levels. Once above the 1.1800 level, the euro’s weekly pivot point offers further resistance at 1.1823, as does the pairs monthly pivot, at 1.1875.
