EURUSD SELLERS FAIL AT NECKLINE SUPPORT
The euro has moved sharply higher against the US dollar after buyers failed to contain price below the neckline of a bearish head and shoulders pattern. The US dollar index has also weakened back towards the 95.00 level, prompting a technical correction in the EURUSD pair. Sellers need to bring price under the 1.1553 level once again, while buyers need to move the EURUSD pair above the 1.1650 level.
The EURUSD pair is only bearish while trading below the 1.1553 level, key support is found at the 1.1528 and 1.1500 levels.
If the EURUSD pair moves above the 1.1650 level, buyers are likely to test towards the 1.1681 and 1.1730 levels.