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Technical Analysis

EURUSD Higher after Solid Data

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The euro continues to push higher against the U.S dollar in Friday trading, with the EURUSD pair further supported by solid European economic data. The highlight of the eurozone's PMI'S came from the German economy, which came in at 60.6 for the month of September.

Going forward, the EURUSD pair has yet to close price-action above the key 1.2038 technical level on a higher-time frame basis, the pair may remain confined to the 1.2030 to 1.1884 range, until a break-out happens.

The euro has set a daily price high of 1.2004 and a daily low of 1.1938, indicating traders are bullish, but cautious to add long positions over the weekend.

Key EURUSD intraday technical support is found at the 1.1957 whilst the current daily price-low and daily pivot point are both found at 1.1938.

Below 1.1938, the 1.1915 and 1.1984 levels offer critical support.

To the upside, key intraday resistance above 1.2004 is found at 1.2031, 1.2069 and 1.2089. Once above 1.2089, the euro will likely target 1.2140 and 1.2260.

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