EURO HITS 50 PERCENT FIBONACCI RETRACEMENT

The EURUSD pair has moved higher during the Asian session, with price testing the 50 percent Fibonacci retracement of the previous week's trading range, at 1.1823.

At present the pair has moved back towards the 1.1805 level, with the 50 percent Fibonacci level acting as strong intraday resistance, as traders now look for a directional breakout from the current narrow trading range between the 1.1777 to 1.1823 levels.

The EURUSD pair remains bullish in the short term whilst trading above the daily pivot point, at 1.1796.

On a medium-term basis, a strong bullish bias remains whilst the pair trades above the 1.1783 level, which represents the euro's 200-week moving average.

Key intraday technical resistance for the EURUSD is found at the H1 time frame, 100 period moving average at 1.1831, and the 61.8 Fibonacci retracement, at 1.1840. Above 1.1840, the 1.1875 level comes into focus.

To the downside, the 1.1802 and 1.1796 remains key short-term support areas for the euro. Below the 1.1783 level, support is found at 1.1735 and 1.1713.