EURO PRESSURED AS US DOLLAR INDEX MOVES HIGHER
The EURUSD pair has moved lower during the European session, as the U.S dollar index moves higher across the board, ahead of July retail sales figures from the United States economy.
At present the euro is trading around the 1.1750 level, after falling as low as 1.1720. Going forward the former weekly price low, at 1.1689, is critical weekly support for the EURUSD.
The EURUSD is likely to remain bearish on an intraday basis whilst trading below the pairs 200-week moving average, found at the 1.1783 level.
Key technical support is found at the 1.1720 and 1.1713 levels, with critical support coming from the former weekly price low, at 1.1689. Below the 1.1689 level, the July 26th price low comes into focus, at 1.1613.
To the upside, the 200-week moving average is found at 1.1783, whilst the 50 and 61.8 percent Fibonacci retracements of the 1.1689 price low to the 1.1910 price high, offer strong resistance, at 1.1798 and 1.1825.