The EURUSD pair has found some stability after the ECB meeting last week which sent the price tumbling from 1.18500 to 1.15500. Resistance is now coming in at 1.15925 ahead of 1.16000. Above this level is the high for this week at 1.16443 and then the 1.16600 level and the falling 50 period MA. The 100 period MA is moving down through 1.17000 with resistance beyond at 1.17152.
The 1.17631 level was the location of a break in the moving averages on the ECB selloff where the 50 and the 100 MA’s were very close together at the time and gave traders an opportunity to engage with the market and limit risk. The 200 MA is found at 1.17868 ahead of 1.18000 where sellers have been entering short positions. The high of 1.18510 would need to be taken for higher levels to be targeted.
Support can be seen at 1.15500 as mentioned above with the 1.15000 level supported by 1.15100. A break under this area targets lower levels at 1.14579 followed by 1.14000. The swing low comes in at 1.13122 with light support down to the 1.12000 area.
