EURUSD watching 1.1170

The euro has continued its recent retracement lower against the US dollar, with 1.1240 level confirmed as the near-term price ceiling. Weakness under the pivotal 1.1170 level could trigger additional selling in the EURUSD pair towards the 1.1100 support region. Multi-day price stabilization above the 1.1200 level should confirm that bulls intend to push the pair towards the 1.1300 area.

• The EURUSD pair is only bullish while trading above the 1.1170 level, key resistance is found at the 1.1240 and 1.1260 levels. 

• The EURUSD pair is only bearish while trading below the 1.1170 level, key support is found at the 1.1150 and 1.1100 levels.