EURO TRADES BELOW KEY SUPPORT

The EURUSD pair has fallen beneath the key 1.1330 level, after Benoit Coeure, who is an Executive Board member of the European Central Bank, said that the Governing Council has yet to discuss any policy changes.

The current intraday EURUSD price low is 1.1312, with the pair now approaching critical support at 1.1290, ahead of U.S factory orders, and the release of the FOMC minutes.

The EURUSD pair has now turned bearish on all lower time frame indicators, with euro selling pressure accelerating whilst the pair trades below the 1.1330 level.

Further intraday support is located at the June 28th daily swing low, at 1.1290 and the H4 time frame, 50 period moving average, at 1.1257.

To the upside, 1.1330 now becomes former support, turned resistance. Should the EURUSD close back above the 1.1330 level, the daily pivot point comes into focus, at 1.1353.