EURUSD 1.0960 possible

The euro currency has fallen to a fresh weekly low against the US dollar, completely eroding all of last Friday’s hard-earned trading gains. Technical analysis suggests that a break below the 1.1030 level opens-the-door for further losses towards the 1.0960 level. Bears may have to wait until the upcoming ECB policy meeting before a major technical breakout occurs in the EURUSD pair.

• If the EURUSD pair trades above the 1.1110 level, bulls may test back towards the 1.1130 and 1.1160 levels.

•  The EURUSD pair is heavily bearish while trading below the 1.1110 level, key support is found at the 1.1030 and 1.0960 levels.