The EURUSD pair has moved back below the psychological 1.2000 level, dropping over 100-pips from the new 2017 price high set on Tuesday, with price finding intraday support from the 1.1946 level.
At present, the euro is trading around the 1.1980 level, with the 50-hour moving average currently supporting price-action, as traders await the release of German inflation data for the month of August.
On an intraday basis, the EURUSD remains vulnerable to further losses while trading below the daily pivot point, at 1.1997. The euro remains strongly bullish in the medium and long-term while trading above the 1.1660 level.
Key intraday technical resistance for the EURUSD is found at 1.1997, 1.2030 and yesterday’s price high, at 1.2070.
To the downside, EURUSD support is found at 1.1959, today’s current swing price low, at 1.1946.
The euro’s 100-day moving average is found at 1.1903, just below the current weekly price low, at 1.1916.
