The EURUSD has moved higher to test the pivotal 1.1770 technical area, after the U.S dollar index slipped back towards the 93.00 mark, and the euro found strong buying interest from the 1.1700 level.
Today, the euro’s directional bias will be influenced by high-impact jobs data from the United States, and key-note speeches after the European market close, from ECB president Mario Draghi and FED Chair Janet Yellen.
Going forward, the 1.1770 level will be key for the EURUSD, with the pair needing to gain traction above this level to further buying interest.
Technical failure around the 1.1770 level will likely see the euro sold back towards key intraday technical support, around the 1.1736 level.
Key intraday resistance above the 1.1770 level is found at 1.1800, and the pairs weekly pivot point, at 1.1823. Above the weekly pivot point, the former swing price-high, at 1.1832, and the monthly pivot, at 1.1875, are key resistance areas.
To the downside, key intraday support is found at the pairs 100-hour moving average, at 1.1764 and the euro’s daily pivot point, at 1.1736. Once below the 1.1736 level, traders focus will turn towards a further technical retest of the key 1.1710 level.
