EURUSD showing bullish pattern
The euro currency is trading toward the middle of its weekly range against the US dollar as traders remain cautious ahead of today’s monthly jobs report from the United States economy. The four-hour time frame is currently showing a bullish inverted head and shoulders pattern with a strong upside projection. The EURUSD pair will only turn bearish if sellers can move price below the important 1.1216 support level.
The EURUSD pair is bearish while trading below the 1.1216 level, key technical support remains at the 1.1170 and 1.1130 levels.
If the EURUSD pair trades above the 1.1250 level, buyers may test back towards the 1.1290 and 1.1330 resistance levels.