EURUSD TESTING BULLISH PATTERN NECKLINE
The euro currency continues to trade at a one-week high against the greenback on Monday, as the US dollar index slips lower over improving risk sentiment in broader financial markets. The EURUSD pair is trading against the neckline of a bullish inverted head and shoulders pattern with a large upside projection. Caution is warranted until the neckline break is confirmed, as the MACD indicator appears to be reaching overbought conditions on the four-hour time frame.
The EURUSD pair is intraday bullish while trading above the 1.1430 level, key resistance is found at the 1.1480 and 1.1555 levels.
If the EURUSD pair moves below the 1.1400 level key intraday support is found at the 1.1370 level.