The euro has fallen against the U.S dollar during today’s European session, reaching an intraday low of 1.1780, as tensions between Spanish authorities and the Catalan government intensify.
Moving into the U.S session, the trading sentiment surrounding the EURUSD pair is mixed. Despite political woes in Spain, intraday sellers failed to close the last H4 candle below the key 1.1790 support level. Euro buyers are now starting to push price-action back above the 1.1800 handle.
Moving into the U.S session, we see the release of the New York manufacturing index, which is expected to come in worse than the previous month, and may affect the U.S dollar index.
Daily price closes below the 1.1790 level will be considered bearish, whilst any daily price closes above the 1.1845 level will be taken as bullish.
Key intraday EURUSD technical resistance is currently found at 1.1790 and 1.1770. A further decline below the 1.1770 level should lead to a deeper sell-off towards 1.1740 and 1.1710.
To the upside, key resistance is found at 1.1800, and the weekly pivot point, at 1.1807. Above the 1.1807 level, further resistance is found at 1.1825, 1.1845 and 1.1879.
