Technical Analysis: EURUSD seesaws around 6-week-old support line on the PMI day
EURUSD portrays the second day of upside momentum following its U-turn from 1.1965. Even so, traders remain cautious ahead of the key preliminary PMI numbers from Eurozone and the US. As a result, it's wiser to wait for confirmation than to take the call in a hurry. Technically, the pair remains beyond important support levels comprising an ascending trend line from July 10 and 100-bar SMA, respectively around 1.1850 and 1.1820. It should, however, be noted that the pair's sustained break of 1.1820 will need validation from the previous day's low near 1.1800 before challenging the monthly bottom around 1.1695.
On the contrary, 1.1920 and the recent high around 1.1965 hold the gate for 1.2000 round-figures. Should the bulls dominate past-1.2000, March 2018 low near 1.2155 will be in the spotlight. Meanwhile, overbought RSI may offer intermediate pullback around 1.2100 during the north-run.