EURUSD 1.0550 possible
The euro is under pressure against the US dollar, following a strong technical rejection from the 1.0840 area during yesterday’s US trading session. If bears can hold price below the 1.0770 level the EURUSD pair could fall quickly towards the 1.0700 level. Caution is still advised as a bearish head and shoulders pattern warns that the EURUSD pair could weaken towards the 1.0550 level.
The EURUSD pair is only bullish while trading above the 1.0880 level, key resistance is found at the 1.0940 and 1.0990 level.
The EURUSD pair is only bearish while trading below the 1.0880 level. Key support is found at the 1.0770 and 1.0550 levels.