EURUSD STILL BEARISH DESPITE BOUNCE
The euro currently trades above the 1.2100 handle against the U.S dollar as the new trading week gets underway, following a strong bounce higher from the 1.2054 level. The EURUSD pair currently trades around the 1.2120 level, after benefitting from a round of profit taking in the U.S dollar on Friday. EURUSD traders are likely to focus on the key 1.2154 resistance level, and the release of the U.S Core PCE Price Index, which is a key U.S inflation metric the Federal Reserve watches closely.
The EURUSD pair remains bearish while trading below the 1.2154 level, key technical support is now found at the 1.2100 and 1.2054 level.
Should the EURUSD pair start to trade back above the 1.2154 level, buyers may be inclined to test the 1.2200 and 1.2248 resistance levels.