The euro continues to struggle below the 1.1780 level against the U.S dollar, after earlier finding strong support from the 1.1736 level. Price-action continues to consolidate around the 1.1760 level, as investors begin to focus on a scheduled speech by European Central Bank President Mario Draghi later this morning.
The EURUSD continues to remain under bearish selling pressure while price trades below the 1.1780 resistance level. Further losses can be expected towards the former weekly pivot point, at 1.1740, and the 2015 price-high, at 1.1713. Extended support is found at the euro’s 200-week moving average, at 1.1685.
If price-action moves above the 1.1780 level during Wednesday trading, further gains can be seen towards the daily pivot point, at 1.1798, and the euro’s weekly pivot point, at 1.1807. Extended intraday resistance is found at the 1.1821 and 1.1833 levels.
