EURO SINKS AFTER ECB MEETING MINUTES
The EURUSD pair has moved to a 14-day trading low, after soft eurozone inflation figures, and considerably dovish ECB meeting minutes, where ECB policy makers played down tapering, and expressed concern about the foreign exchange market's overshooting.
So far, the EURUSD has found intraday support from the pairs monthly pivot point, at 1.1665, after being strongly rejected from the euro's 200-week moving average, at 1.1783.
Key EURUSD technical resistance is found at the 2015 price high, at 1.1713, and the pairs daily pivot point, at 1.1737. Above the 1.1737 level, the 100-hour moving average is found at 1.1765.
To the downside, the 1.1665 level remains the key support area capping further extended intraday losses for the EURUSD.
Below the monthly pivot, the 8-hour 100 period moving average is found at 1.1639, with the July 26th swing low offering further support at 1.1610.