EURUSD UNDER TECHNICAL PRESSURE
The euro remains under technical selling pressure against the US dollar after the price fell below the 1.1650 level on Friday, triggering the bearish head and shoulders pattern. The EURUSD pair is likely to remain under selling pressure while trading below the neckline of the bearish pattern, at 1.1650. Sellers may now target the 1.1553 level, while buyers will need to stabilize price above the 1.1681 level.
The EURUSD pair is intraday bearish while trading below the 1.1650 level, key support is found at the 1.1553 and 1.1500 levels.
If the EURUSD pair moves above the 1.1650 level, buyers are will likely to test towards the 1.1681 and 1.1713 resistance levels.