EURUSD bearish correction underway
The euro currency is undergoing a bearish correction against the US dollar after meeting strong selling interest from the 1.1300 resistance level. Additional weakness in the EURUSD is likely, with a technical test of the 1.1165 support possible if price moves below the 1.1200 level. Overall, profit taking and a downward correction in some technical indicators are weighing on the EURUSD in the near-term.
The EURUSD pair is only bearish while trading below the 1.1200 level, key technical support is found at the 1.1180 and 1.1165 levels.
If the EURUSD pair trades above the 1.1265 level, buyers may test the 1.1300 and 1.1325 levels.