EURUSD MIXED TRADING ABOVE 1.1200
The EURUSD pair is trading above the 1.1200 level ahead of U.S PPI data out later today, with the single currency earlier finding buying interest around the 1.1185 area, with the euro reaching an intraday high of 1.1225 in the European session.
A muted reaction for the EURUSD after the German ZEW economic sentiment indicator came in below expectations at 18.6, missing the forecasted 21.5. In addition, the German ZEW current conditions ticked higher to 88.0 from 83.9.
Short-term indicators suggest the EURUSD pair retains a bullish stance heading into the U.S session, with the 1.1200 level now acting as a critical pivot for the pair.
Near term resistance for the pair is located at 1.1217 and the current daily high at 1.1225.
Medium term technical resistance for the EURUSD remains the daily time frame 20 period moving average, converging with the daily pivot point at 1.1215, and further up the 1.1233 level, followed by the June 1st high at 1.1257.
A breach of the former weekly low at 1.1166 becomes the key to further downside, with 1.1110 and 1.1080 strong support below.