EURO CONSOLIDATES AHEAD OF RISK EVENTS
The EURUSD pair is currently consolidating around the 1.1770 region, as traders remain cautious ahead key eurozone core inflation data and a key-note speech by ECB President Mario Draghi later today.
Over the weekend, traders look to the results of the Catalan election, which is another key political risk-event for the euro currency. The EURUSD pair is expected to be well contained ahead of outcome.
Yesterday the euro failed to gain momentum above the 1.1800 handle, with price-action further rejected at the 1.1804 resistance level during the U.S session.
From a technical perspective, the boundaries for the EURUSD pair are now clearly drawn, with further upside expected above 1.1804, while losses are expected below the 1.1760 support level.
Key intraday technical resistance is located at 1.1804, 1.1832 and 1.1857. Once above the 1.1857 level, further bullishness may be seen towards 1.1879 and 1.1910.
To the downside, key intraday support is found at euro's pairs daily pivot point, at 1.1770 and the key 50-hour moving average, at 1.1760. Below 1.1760, further support is found at 1.1730 and 1.1716.