EURUSD CLOSELY WATCHING 1.1431 LEVEL
The euro currency is back under strong downside pressure against the US dollar, with the price now trading closer to key weekly support. A successful break below the 1.1431 support level is likely to accelerate EURUSD technical selling, breaking the recent bullish double-bottom. A break below the 1.1431 level could also trigger a bearish head and shoulders pattern with a sizeable downside projection.
The EURUSD pair is strongly bearish while trading below the 1.1480 level, key support is now found at the 1.1431 and 1.1380 levels.
If the EURUSD pair trades above the 1.1480 level, key intraday resistance is found at the 1.1500 and 1.1550 levels.