EURUSD testing support

The euro currency is testing critical weekly support against the US dollar after buyers failed to overcome the 1.1100 resistance barrier. The EURUSD pair needs to bounce from the 1.1060 level to avoid a deeper decline back towards the 1.1035 support level. If the EURUSD can bounce from the 1.1060 level the chances increase that the pair will start to rally towards the 1.1120 level.

• The EURUSD pair is only bullish while trading above the 1.1060 level, key resistance is found at the 1.1120 and 1.1170 levels. 

• The EURUSD pair is only bearish while trading below the 1.1060 level, key support is found at the 1.1035 and 1.1000 levels.