EURUSD 1.1725 now key

The euro has moved to a new monthly and yearly high against the US dollar this morning, with the pair rally towards the 1.1725 level. Lower time frame analysis shows that a bearish head and shoulders pattern has formed and is warning of a correction back towards the 1.1640 level. To the upside, a breakout above the 1.1725 level exposes further gains towards the 1.1810 level.

• The EURUSD pair is only bullish while trading above the 1.1640 level, key resistance is found at the 1.1725 and 1.1800 levels. 

• The EURUSD pair is only bearish while trading below the 1.1640 level, key support is found at the 1.1580 and 1.1500 levels.