EURUSD – Continued buying pressure resulted in EURUSD posting the 2nd positive daily performance in succession with a rally of over 2 Big Figs’ from Wednesdays low (1.2837). Like the USD Index, this has resulted in intraday signals for sentiment being at overbought/oversold extremes and there are indications of the moves now stalling. The USD index has a 50% pullback level at 82.98 (low 83.01) with EURUSD having the 61.8% pullback level at 1.3071 (from 1.3242-1.2795). This has resulted in the immediate bias being mixed to mildly bullish.
Selling at 1.3071 and we look to 1.3040 and 1.2990 (intraday). Buying a dip at 1.3018 and we look to 1.3071 and possibly 1.3106.
Support levels are: 1.3018, 1.2993 (Marabuzo) and 1.2974.
Resistance levels are: 1.3060, 1.3071 and 1.3106.