The EURUSD continues to advance higher during the European trading session, with the pair falling just short of 1.2000, hitting 1.1995, ahead of today’s European Central Bank interest rate decision and press conference.
Euro buyers look ready to continue the strong uptrend seen over the summer months, with technical traders ready to test towards the historical 1.2139 Fibonacci resistance level.
The EURUSD remains strongly bullish against the U.S dollar on all-time frames, although fundamental developments from today’s ECB press conference will dictate the pairs intraday directional bias.
Key technical resistance is located at 1.2030, the yearly price high at 1.2070, and the 1.2100 level. Above the 1.2100 level, traders should look to strong weekly resistance from 1.2139, 1.2160 and the December 2014 price high, at 1.2220.
To the downside, look for key intraday support at 1.1945, 1.1918 and 1.1884.
Below 1.1884, look for strong EURUSD weekly support at the 1.1744 and 1.1664 levels.