EURUSD tests neckline support
The euro continues to edge lower against the US dollar on the last trading day of the week, with the pair failing towards the neckline of a bearish head shoulders pattern on the daily time frame. If sellers can force price below the 1.1216 level, further technical selling towards the 1.1170 level will likely occur. Buyers need to move price above the 1.1290 resistance level in order to negate the strong bearish bias surrounding the pair.
The EURUSD pair is heavily bearish while trading below the 1.1216 level, key technical support is found at the 1.1170 and 1.1110 levels.
If the EURUSD pair trades above the 1.1250 level, buyers may test back towards the 1.1290 and 1.1330 resistance levels.