EURO AWAITS IFO AND DRAGHI SPEECH
The EURUSD pair remains close to the key 1.1800 level, as the single currency awaits the release of the August German IFO survey, and comments from ECB President Mario Draghi, at Jackson Hole later this evening.
Sources close to the ECB have suggested that Mario Draghi will refrain from making any new comments about future monetary policy. However, the euro could become volatile, should Mario Draghi strike an overly dovish or hawkish tone.
The euro remains neutral on an intraday basis, with the pair still strongly bullish in the medium and long-term. Weekly time frame price closes above or below the 200-week moving average should be watched closely.
Key intraday technical support is found at the 1.1783 and 1.1765 levels. A loss of the 1.1765 level should accelerate EURUSD selling towards 1.1741 and 1.1713.
To the upside, the 1.1815 and 1.1828 levels remain intraday resistance areas. The former swing price high at 1.1847, and the 1.1900 offer strong weekly resistance.