EURUSD correction underway
The euro has started to correct lower against the US dollar after bulls were repeatedly unable to break above the 1.1200 resistance barrier. Sustained losses below the 1.1120 level could trigger the start of a much deeper technical correction in the EURUSD pair. Overall, the EURUSD pair risks sliding towards the 1.1000 support level while trading below the 1.1120 resistance level.
The EURUSD pair is only bullish while trading above the 1.1120 level, key resistance is found at the 1.1170 and 1.1200 levels.
The EURUSD pair is bearish while trading below the 1.1120 level, key support is found at the 1.1090 and 1.1060 levels.