Thu, Feb 09, 2023 @ 13:02 GMT
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EURO Tests 1.2000 Support

The euro has pulled back towards the key 1.2000 level against the U.S dollar, as the greenback opens the week on stronger footing. Price-action has so far moved to test the calculated weekly pivot point, located at the 1.1999 level.

Technical selling is also taking place in EURUSD, after the pair failed to close the week above the former yearly price high, found at the 1.2069 level.

A higher-time frame price close above the 1.2040 level should see a further attempt towards the 1.2092 level, whilst a higher time frame price close below the 1.1845 level should encourage selling towards 1.1665.

Key intraday support for the EURUSD pair is located at the weekly pivot point at 1.1999, the 100-hour moving average, at 1.1958, and the Thursday price low, located at 1.1914.

To the upside, key intraday resistance is located at 1.2030, 1.2040, and the former 2017 price high, at 1.2069. Above the 1.2092 level, euro buying should accelerate towards 1.2130 and 1.2160.

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