EURUSD bullish above 1.0860

The euro currency performed a strong rebound against the US dollar last Friday, following the release of worse-than-expected Manufacturing data. A bullish inverted head and shoulders pattern has formed on the lower time frame and indicates a possibly rally towards the 1.0960 area. Overall, EURUSD bulls need to keep price above the 1.0860 level to ignite the bullish pattern.

• The EURUSD pair is only bullish while trading above the 1.0860 level, key resistance is found at the 1.0880 and 1.0960 levels. 

• The EURUSD pair is bearish while trading below the 1.0860 level, key support is found at the 1.0810 and 1.0777 levels.