EURUSD pressure building

The euro is once again moving higher against the US dollar following Monday’s failed attempt to break above the current monthly trading higher. EURUSD bulls must soon break above the 1.1264 resistance level as another failed attempt may weigh on intraday sentiment. A potential inverted head and shoulders pattern with a large upside projection is also starting to form on the four-hour time frame.

• The EURUSD pair is only bullish while trading above the 1.1230 level, key technical resistance is found at the 1.1264 and 1.1290 levels.

• If the EURUSD pair moves below the 1.1230 level, key technical support is found at the 1.1216 and 1.1190 levels.