EURUSD still under pressure
The euro currency remains under pressure against the US dollar following the release of more weaker than expected economic data from the German economy during the European session. Technical indicators on the four-hour time frame are still trending lower and point to further short-term losses for the EURUSD pair. A bearish head and shoulders pattern is also still present across the four-hour time frame.
The EURUSD pair is heavily bearish while trading below the 1.1216 level, key technical support remains at the 1.1175 and 1.1130 levels.
If the EURUSD pair trades above 1.1230 level, key intraday resistance is found at the 1.1260 and 1.1280 levels.