EURUSD lower before higher
The euro is trading around the 1.1130 level against the US dollar, after a fairly solid former weekly price close back above the 1.1100 support level. Traders may need more technical confirmation that a meaningful bottom is in place before turning fully short-term bullish on the EURUSD. Overall, EURUSD traders should be on guard for a bullish double-bottom pattern forming this week.
The EURUSD pair is only bearish while trading below the 1.1100 level, key support is found at the 1.1040 and 1.1020 levels.
If the EURUSD pair trades above the 1.1100 level, bulls may test towards the 1.1140 and 1.1185 levels.