The euro has rebounded strongly in early Wednesday trading, moving towards the 1.1830 level, after falling to 1.1785 during Tuesday’s U.S session, following a strong ISM manufacturing reading and better than expected U.S personal consumption expenditure data.
Later today the EURUSD pair will look to the U.S ADP job report for its next directional move, with analysts expecting that the United States economy created 188,000 jobs during the month of July.
The EURUSD pair remains strongly bullish on all time frames, with short term bullish momentum intact whilst trading above the 1.1800 level.
Key intraday support for the EURUSD is found at the daily pivot point, at 1.1810, then the 200-week moving average offers critical support, at 1.1793.
Below the 1.1793 level, EURUSD support is found at 1.1775 and the 200-hour moving average, at 1.1713.
Looking at the EURUSD upside, intraday resistance is found at the current yearly price high, at 1.1845, whilst the June 2010 monthly swing low offers further resistance, at 1.1875. Above 1.1875, the monthly time frame, 50 period moving average sits at, 1.1933.
