The euro has moved to a new weekly price-high against the U.S dollar during the European trading session, hitting 1.1661, as the dollar index comes under fresh selling pressure. The EURUSD pair currently trades around the 1.1650 level, as buyers continue to defend the 1.1640 technical support region. Traders now look to the U.S session, with the release of the Michigan Sentiment Survey and U.S stock markets likely to dictate the next directional move.
The EURUSD pair remains intraday bullish while trading above the 1.1640 support zone. Further upside towards the 1.1677 and 1.1710 resistance levels remains increasingly likely.
Should price action decline below the 1.1640-32 support level, further losses towards the 1.1610 and 1.1598 technical levels should be expected.
