EURUSD TRIANGLE BREAK UNDERWAY

The euro currency has fallen sharply lower against the US dollar during the European trading session after French and German PMI Manufacturing data for December came in much weaker than expected. The EURUSD pair has now broken underneath the well-defined triangle pattern, with the 1.1267 level the next major support region to watch below. Buyers need to move price back inside the triangle pattern to negate the short-term bearish pressure on the EURUSD.

• The EURUSD pair is only bearish while trading below the 1.1320 level, key technical support is found at the 1.1267 and 1.1216 levels.

• If the EURUSD pair trades above the 1.1320 level, key technical resistance is found at the 1.1360 and 1.1400 levels.