EURUSD on the slide
The euro has fallen to a fresh weekly trading low against the US dollar, as the pair trades uncomfortably around the 1.1070 support level. EURUSD bulls need to defend the critical 1.1050 support area today or the pairs yearly low will come into focus. Overall, buyers need to bounce the EURUSD pair from current trading levels to create a bullish double-bottom pattern formation.
The EURUSD pair is bearish while trading below the 1.1100 level, key support is found at the 1.1070 and 1.1050 levels.
If the EURUSD pair trades above the 1.1100 level, bulls may test towards the 1.1130 and 1.1160 levels.