EURUSD Bulls return
The euro currency has quickly recovered higher against the US dollar and now testing towards the best levels of the year so far. Technical analysis shows that the EURUSD pair has invalidated a head and shoulders pattern on the lower time frame, following the recent move above 1.2275. According to the overall size of the pattern, the EURUSD pair could rally towards the 1.2400 area.
The EURUSD pair is only bullish while trading above the 1.2200 level, key resistance is found at the 1.2330 and 1.2400 levels.
The EURUSD pair is only bearish while trading below the 1.2200 level, key support is found at the 1.2130 and 1.2050 levels.