During intraday trading, The EURUSD Forex Pair touched a 11-month high of 1.1711. As a solid earnings season kicks off, the major U.S. indexes likely helped push the currency pairing to new heights. Today’s economic calendar features the U.S. Home Price Index Report for May as well as the Consumer Confidence Index Report for July.
Currently Support and Resistance 1 levels sit at 1.15044 and 1.17525, respectively, with a Pivot Point at 1.15936. Should the currency pair breach the initial Resistance level, traders should consider looking at 1.18417 as a possible target. However, trading at levels not seen since August 2015 may soften the possibility of exceeding R1 levels. The EURUSD has been on a solid bullish run since April trading well above both its 100 and 200 day moving averages. With the U.S. Health Care vote on the docket today in Washington, it will be interesting to witness how market sentiment will react to any outcome.
As with any market investment, it is vital to maintain proper risk mitigation efforts via the use of protective stops and profit targets. Remember, past performance is not indicative of future results.
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