The EURUSD pair has moved to its highest trading level since October 5th, after finding a renewed bid tone during today’s Asian trading session, hitting 1.1782, as the U.S dollar index comes under mild selling pressure.
Today the euro is likely to remain cautious, as Spanish parliament will convene towards the end of European trading session, to decide the fate of Catalonia’s bid for independence.
Technically, the euro has found renewed buying interest after again closing yesterday’s daily price-candle above the 1.1710 level, although a daily price-close above the 1.1770 level remains elusive for the single currency.
Should the EURUSD continue to find buying interest above the 1.1800 level today, it is likely to meet strong technical resistance from its key 50-day moving average, at 1.1858, and the euro’s monthly pivot, at 1.1875.
Key interim EURUSD technical resistance is found at 1.1787, 1.1805 and the September 29th former swing price-high, at 1.1832.
To the downside, EURUSD technical support is found at the pairs 200-hour moving average, at 1.1751, and the euro’s daily pivot point, at 1.1739. Further key intraday support is found at the key 1.1710 and 1.1695 levels.
