EURUSD sharp bounce

The euro has bounced sharply higher against the US dollar, despite a rate cut and more policy stimulus from the European Central Bank. Sellers failed to break the current EURUSD yearly trading low, which provoked a sharp counter-move in the EURUSD pair. Going forward, the 1.1160 level is likely to be a near-term upside target if bulls can continue to build on the recent upside momentum.

• The EURUSD pair is bullish while trading above the 1.1000 level, key resistance is found at the 1.1100 and 1.1160 levels. 

• The EURUSD pair is only bearish while trading below the 1.1000 level, key support is found at the 1.0980 and 1.0935 levels.