EURUSD MOVES BACK TO TEST THE DAILY PIVOT
The EURUSD pair has moved back towards the calculated daily pivot point, which is currently capping the euro downside, and adding strong intraday price support, at 1.1443.
During early Wednesday trading, the EURUSD fell just short of the psychological 1.1500 level, hitting a new yearly price high, at 1.1489. The pair is currently trading around the 1.1458 level, which is former intraday support, now turned critical resistance.
The euro still remains strongly bullish on all time frames, and now awaits Janet Yellen's testimony on Capitol Hill, which should provoke the next intraday directional EURUSD price move.
Key technical support is found at 1.1443, the Monday price high at 1.1418, and the weekly pivot point at 1.1385.
To the upside, the 1.1500 level remains the next major hurdle for the EURUSD pair, with further resistance above 1.1500 level found at 1.1529 and 1.1550.