EURUSD testing key resistance
The euro currency continues to trade around key weekly resistance against the US dollar, with the pair pressing against the key 1.1290 level. The next strong directional move is likely to come soon as the MACD indicator on the four-hour time frame has corrected back to neutral. Bearish pressure will soon start to build if buyers fail to break above the key weekly resistance area, at 1.1290.
The EURUSD pair is strongly bullish while trading above the 1.1290 level, key technical resistance is found at the 1.1325 and 1.1360 levels.
If the EURUSD pair fails around the 1.1290 level, sellers may test back towards the 1.1230 and 1.1200 levels.