EURUSD awaiting reversal
The euro is under downside pressure against the US dollar on Monday, following an extended pullback towards the 1.1020 support level last Friday. EURUSD bulls need to quickly reverse the pair above the 1.1070 level in order to establish a bullish higher low. Overall, the US dollar index is now trading at a critical juncture and will decide the fate of the EURUSD pair this week.
The EURUSD pair is only bullish while trading above the 1.1070 level, key resistance is found at the 1.1100 and 1.1180 levels.
The EURUSD pair is only bearish while trading below the 1.1070 level, key support is found at the 1.1020 and 1.0980 levels.