EURUSD rebound required
The euro currency is under mild downside pressure against the US dollar as the trading week begins after reversing towards the 1.1000 support level last Friday. Bulls need to hold the EURUSD pair above the 1.0980 level this week in order to encourage fresh technical buying towards the 1.1110 area. A loss of the 1.0980 area could see the EURUSD pair falling back towards its current monthly trading low.
The EURUSD pair is bullish while trading above the 1.0980 level, key resistance is found at the 1.1070 and 1.1110 levels.
The EURUSD pair is only bearish while trading below the 1.0980 level, key support is found at the 1.0950 and 1.0925 levels.