EURUSD DOWNSIDE TO ACCELERATE BELOW 1.1550
The euro continues to trade towards the lowest-levels of 2018 against the greenback, following Friday’s US Nonfarm payrolls job report. The downside in the EURUSD pair is likely to accelerate if sellers can hold price below the 1.1550 level, as it represents the neckline of a large head and shoulder pattern across the daily time frame. Buyers will need to move the price back above 1.1630 resistance level to negate the bearish sentiment surrounding the euro.
The EURUSD pair is strongly bearish while trading below the 1.1550 level, key support is found at the 1.1507 and 1.1425 levels.
If the EURUSD pair trades above the 1.1630 level, buyers will likely test toward the 1.1650 and 1.1681 resistance levels.