EURUSD HITS THE WEEKLY PIVOT POINT

The EURUSD has moved above the 1.1200 level in the European session, briefly breaking above the calculated weekly pivot point at 1.1208, to reach a current intraday price high of 1.1212.

At present the euro has fallen back below the 1.1200 level, however, the daily timeframe stochastic and MACD indicators suggest the pair remains oversold and should remain well supported from euro buying interest on an intraday basis.

Short term indicators continue to highlight the 1.1173-66 region as critical support for the EURUSD, with the H1 time frame 50 period moving average at 1.1173 the first line of support, and the June 9th trading low, slightly beneath at 1.1166.

To the upside, the June 15th trading high at 1.1228 becomes intraday resistance above today's price at 1.1212, with the 1.1257 level by far the most significant resistance above 1.1212.