The euro retains a bullish bias against the U.S dollar as the new trading week gets underway, with buyers now needing to keep price-action anchored above the key 1.2382 level for further gains. Medium term MACD and Stochastic indicators are also supporting EURUSD upside, with key intraday technical support found at the 1.2305 level. Movements in stocks and the U.S dollar index seem likely to drive today’s action in the pair, with U.S trade tariffs still capturing financial markets attention.
The EURUSD pair is likely to likely to see further buying interest once clearly above the 1.2382 level, key weekly resistance is found at the 1.2430 and 1.2555 levels.
Should the EURUSD start to trade below the 1.2305 support level for a sustained period, price-action will turn bearish. Key weekly support is then found at 1.2238 and 1.2160.