Fri, Jun 02, 2023 @ 21:07 GMT
HomeContributorsTechnical AnalysisEURUSD Cracks Weekly Pivot

EURUSD Cracks Weekly Pivot

The EURUSD pair has continued to gain bullish trading momentum during Wednesday’s European session, with price-action now moving comfortably above the euro’s weekly pivot point, located at the 1.1918 level.

So far, the single currency has found strong intraday resistance from the 1.1950 level, ahead of the release of U.S ISM non-manufacturing and PMI services data.

The EURUSD remains strongly bullish while trading above the 1.1918 level, with buyers now aiming to take price above the 1.1979 level.

Key intraday technical resistance is located at 1.1960, 1.1979 and 1.2000. Above the 1.2000 level, traders will focus on a series of daily time-frame price closes above the key 1.2030 level.

To the downside, intraday technical EURUSD support is located at 1.1918, and the daily pivot point, at 1.1910.

Below 1.1900, the 200-hour moving average is located at 1.1897, with the monthly pivot offering further support, at 1.1884.

Octa Markets Incorporated is a forex broker recognized worldwide. OctaFX provides forex brokerage services to its clients in over 100 countries around the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience incredibly convenient. Our top goal is the trust and satisfaction of each client's needs and requirements. OctaFX sets the highest service level standards and maintains them, as well as constantly developing new services and promotions.

Featured Analysis

Learn Forex Trading