The EURUSD pair has softened towards the 1.1800 level, after moving to 1.1828 during the U.S session on Monday. The euro remains technically bullish whilst trading above the downward slopping channel-top, found at 1.1790.
During the European session, we see the release of the German and eurozone ZEW sentiment survey’s, and a key speech from European Central Bank Vice-President Vitor Constancio.
The EURUSD pair remains bullish on all-time frames, with price action now trading firmly above the 200-week moving average, found at the key 1.1783 level.
To the upside, key technical resistance is found at 1.1815, and the current weekly price high, at 1.1828. The weekly swing high adds further resistance, at 1.1847, with longer-term resistance at the crucial 1.1900 level.
To the downside, critical intraday EURUSD support is found at the 1.1790 level. The 200-hour moving average comes in at 1.1770, with the 50-hour moving average adding further support, at 1.1755.