EURUSD Watching 1.2160
The euro currency has staged a big pullback against the US dollar after hitting strong technical resistance around the 1.2230 level. Traders are now closely watching the 1.2160 level as it has previously acted as a major pivot point for the EURUSD pair. The Parabolic SAR indicator is also showing that the trend in the daily time frame will turn bearish if the price closes under the 1.2160 level.
The EURUSD pair is only bullish while trading above the 1.2160 level, key resistance is found at the 1.2200 and 1.2230 levels.
EURUSD pair is only bearish while trading below the 1.2160 level, key support is found at the 1.2130 and 1.2100 levels.