EURUSD Direction still down

The euro currency has staged a minor upside bounce against the US dollar, although the pair still remains under technical pressure. The short-term direction for the EURUSD pair is still to the downside while the price trades under the 1.2060 level. According to technical analysis a bearish head and shoulders pattern is pointing towards the 1.1800 level as a potential target.

• The EURUSD pair is only bullish while trading above the 1.2060 level, key resistance is found at the 1.2100 and 1.2130 levels.

• EURUSD pair is only bearish while trading below the 1.2060 level, key support is found at the 1.2000 and 1.1940 levels.