EURUSD CORRECTION UNDERWAY

The EURUSD pair has corrected towards the 1.1800 level, after Friday's sharp decline to 1.1735, following encouraging July jobs figures from the United States economy.

Dip buyers have again taken the recent EURUSD slip as a chance to buy the euro at cheaper levels, with the pair now rebounding. The  euro uptrend still remains well intact, whilst the pair trades above the crucial 1.1713 support level.

The EURUSD remains bullish in the long and medium term, but is currently bearish in the short term, whilst trading beneath the 1.1800 level.

Key upside resistance for the euro is found at the 50 percent Fibonacci retracement of the 1.1910 high to the 1.1735 low, at 1.1820.

The 61.8 percent of the retracement is found at 1.1840, whilst the weekly EURUSD pivot point is found at 1.1859.

To the downside, key EURUSD support is found at the 1.1790 and 1.1770 levels. Below 1.1770, critical intraday support for the euro is found at 1.1735 and 1.1713.