The euro retains its strong intraday bullish bias against the US dollar after buyers earlier defended the key 1.1507 support level. Dip-buying has been prevalent in the EURUSD pair since Friday, and we are now seeing price-action starting to support short-term euro buying. Traders will now look towards the 1.1553 resistance level, with daily time frame price closes above this key technical area critical for further bullish advancement.
The EURUSD pair is strongly bullish while trading above the 1.1507 level, key resistance remains at the 1.1553 and 1.1600 levels.
If we see the EURUSD pair fall below the 1.1507 support level, a strong corrective move towards the 1.1480 and 1.1445 support levels seems the most likely scenario.
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