EURUSD oversold indicators correcting
The euro has started to correct higher against the US dollar during the European trading session, with buyers still defending the 1.1300 support level. The MACD indicator is starting to trend higher on the lower time frames, although the corrective move appears weak. Overall, the trend remains bearish with the head and shoulders pattern seen across the lower time frames continuing to take shape.
The EURUSD pair is strongly bearish while trading below the 1.1300 level, key technical support is found at the 1.1260 and 1.1214 levels.
- If the EURUSD pair moves above the 1.1360 level, buyers may test towards the 1.1380 and 1.1410 resistance levels.