EURUSD upside limited until ECB
The euro currency remains fairly well supported against the US dollar in early Monday trade, following a late-week sell-off in the US dollar index on Friday. The EURUSD pair could still recover above the 1.1200 level on weaker than expected US data later today, although the upside is likely to be limited until the ECB meeting. Bulls ideally need to negate the bearish pattern on the four-hour time frame, while bears need a strong move below the 1.1110 level.
The EURUSD pair is only bearish while trading below the 1.1165 level, key technical support is found at the 1.1110 and 1.1060 levels.
If the EURUSD pair holds above 1.1165 level, key technical resistance is found at the 1.1216 and 1.1230 levels.