EURUSD 1.2160 still key

The euro currency has a slight bullish bias against the US dollar after the European Central Bank struck a more hawkish tone than markets were expecting on Thursday. EURUSD bulls need to gain traction above the 1.2160 resistance level in order to attract buying interest for a test of the 1.2220 level. Caution is still advised as a large head and shoulders pattern is still valid across the higher time frames.

• The EURUSD pair is only bearish while trading below the 1.2130 level, key support is found at the 1.2100 and 1.2060 levels.

• The EURUSD pair is only bullish while trading above the 1.2130 level, key resistance is found at the 1.2160 and 1.2220 levels.