EURUSD WATCHING BEARISH PATTERN
The euro currency is starting to trade lower against the US dollar after once again being sold sharply from the 1.1700 level this morning. The recent rejection from the 1.1700 level has created a bearish head and shoulders pattern across the lower time frames. Traders now look to the release of PCE data from the United States economy, which is the Federal Reserve’s preferred measure of US inflation.
The EURUSD pair is only intraday bullish while trading above the 1.1730 level, key resistance is found at the 1.1750 and 1.1800 levels.
If the EURUSD pair moves under the 1.1650 level, sellers will likely target the 1.1590 and 1.1525 support levels.