The euro has started to correct higher against the US dollar, hitting 1.1675, following the release of weaker than expected data from the United States economy on Wednesday. The EURUSD pair remains bearish in the medium-term while trading below the 1.1715 level, but still retains an intraday bullish bias above the 1.1600 level. EURUSD traders will likely find direction from the US dollar index and the latest news coming out from the Italian economy.
The EURUSD pair is intraday bullish while trading above the 1.1600 level. Key resistance is located at the 1.1715 and 1.1750 levels.
If the EURUSD pair moves below the 1.1600 level, we may see a technical correction back towards the 1.1554 and 1.1500 levels.
