EURUSD BEARS TARGETING 1.1600 LEVEL
The euro has continued to weaken against the US dollar during the European trading session, with price moving closer to the 1.1600 support level. A break below the 1.1600 support level exposes further losses towards the current monthly trading low, around the 1.1520 level. Overall, bearish pressure is likely to remain on the EURUSD pair while price trades below the 1.1650 level.
The EURUSD pair is strongly bearish while trading below the 1.1600 level, key support is found at the 1.1554 and 1.1520 levels.
If the EURUSD pair moves above the 1.1650 level, we may see a correction back towards the 1.1680 and 1.1714 resistance levels.