The EURUSD pair has reacted negatively to the weekend’s German Federal Elections, which saw German Chancellor Angela Merkel regain power. However, her CDU party lost ground to other-parties, including the far-right AfD party, who won enough votes to enter German parliament.
On the market open, the EURUSD spiked lower to 1.1897, but has quickly recovered initial intraday losses, with price-action now trading around the former weekly EURUSD pivot point, at 1.1938.
The EURUSD is currently range-bound between 1.1897-1.2006, with the pair lacking follow-through above 1.1900, with buyers also undecided above the 1.2000 level.
A definitive higher time-frame price below 1.1884 should accelerate euro selling towards 1.1815 and 1.1740, whilst a higher time frame price close above the 1.2030 level is needed, for further EURUSD upside towards 1.2130 and 1.2260.
Key intraday support is found at the daily pivot, at 1.1928, with further support at 1.1915 and 1.1884.
To the upside, intraday EURUSD resistance is found at the weekly pivot, at 1.1948 and 1.1961. Above 1.1961, further resistance is found at 1.1979 and 1.1999.