The EURUSD pair has moved to a new 2017 trading high, hitting 1.1960 during the Asian trading session, as investors continue to react to ECB President Mario Draghi’s speech at the Jackson Hole Symposium.
Mario Draghi’s failure to address the recent appreciation of the single currency at Jackson Hole, caused the euro to rise sharply. Additionally, Federal Reserve Chair Janet Yellen offered no indication the FED will raise rates in the upcoming September meeting, causing the U.S dollar to fall.
The EURUSD pair has now pulled back towards the 1.1920 region, finding support from the August 2nd price high, at 1.1910.
Intraday technical resistance for the EURUSD is found at the 1.1960, the psychological 1.2000 level, and the 50 percent Fibonacci retracement of the all-time EURUSD price high, to price low, at 1.2030.
Key intraday technical support for the EURUSD is found at the former 2017 price high, at 1.1910, the daily pivot point, at 1.1879, and the key monthly time frame, 50 period moving average, at 1.1860.
