EURUSD rally delayed
The euro currency has moved below the pivotal 1.1060 level against the US dollar, placing the emphasis back towards the 1.1000 support level. Traders are cautious towards the EURUSD pair while price trades below the 1.1060 level, as it marks the neckline of a bearish head and shoulders pattern. Going forward, EURUSD bulls need to force a daily price close above the 1.1120 level to encourage technical buying interest.
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.