EURUSD BELOW 1.1200 AWAITS GERMAN ZEW AND U.S PPI DATA
The EURUSD currently trades below 1.1200 level, ahead of German ZEW data being released in the European session, and U.S PPI data out later today. Although the main event for the euro this week is the Federal Reserve interest rate decision, and policy statement, delivered by Fed Chair Janet Yellen.
Yesterday the pair made a strong reversal after hitting a intraday high of 1.1232, with the pair falling through major support at 1.1216 and 1.1204, to a low of 1.1191.
The current move lower has found temporary support above 1.1180, with shallow bounces so far capped by the 1.1200 level.
Short term moving averages on M15 and M30 time frames currently align, confirming 1.1200 and 1.1205 as near term upside resistance for the pair.
H1 time frame indicators confirm the EURUSD is currently bearish below the 1.1200 level, with a move above 1.1220 needed to negate the current intraday bearish outlook for the pair.
The EURSD currently trades below the calculated daily pivot point at 1.209, with the former weekly low at 1.1166 now acting as major support for the pair. Below 1.1166, 1.1148 and the May 30th low at 1.1109 are the strongest levels of intraday support for the pair.