EURUSD STRONGLY REJECTED FROM 1.1550 LEVEL

The euro is starting to correct lower against the US dollar, after a strong technical rejection from the 1.1550 resistance level during the European trading session. If the EURUSD continues to decline, price may start to form a bearish head and shoulders pattern. Buyers will need to close the daily candle above the 1.1553 level to keep the recent bullish momentum from the double-bottom pattern intact.

• The EURUSD pair is intraday bullish while trading above the 1.1500 level, key resistance is found at the 1.1553 and 1.1600 levels.

• If the EURUSD pair trades below the 1.1500 level, key support is found at the 1.1480 and 1.1431 levels.