EURUSD 1.1130 weekly resistance

The euro currency has surged to a new monthly high against the US dollar after bulls quickly broke through the 1.1030 resistance barrier yesterday. Technical analysis shows that a bullish reversal pattern on the lower time frame is currently at work. A further breakout above the 1.1100 level exposes more upside in the EURUSD pair towards the 1.1110 and finally the 1.1130 level.

• The EURUSD pair is only bullish while trading above the 1.0990 level, key resistance is found at the 1.1110 and 1.1130 levels. 

• The EURUSD pair is only bearish while trading below the 1.0990 level, key support is found at the 1.0950 and 1.0930 levels.