EURUSD Gaining momentum
The euro currency has started to firm in intraday trade against the US dollar, with the pair testing back towards the former weekly trading high. Technical analysis shows that the EURUSD pair needs to break above the 1.2177 resistance level to encourage a rally above the 1.2200 level. Failure to move the EURUSD pair above the 1.2177 level could result in another correction back towards the 1.2090 area.
The EURUSD pair is only bearish while trading below the 1.2110 level, key support is found at the 1.2090 and 1.2050 levels.
The EURUSD pair is only bullish while trading above the 1.2110 level, key resistance is found at the 1.2177 and 1.2210 levels.