EURUSD Further losses expected

The euro currency has fallen to a fresh multi-month low against the US dollar as the improving economic prospects of the US economy cause traders to buy the greenback. A bearish head and shoulders pattern continue to point to further losses towards 1.1860. To the upside, any moves back towards the 1.2000 area should be considered a potential selling opportunity.

• The EURUSD pair is only bullish while trading above the 1.2010 level, key resistance is found at the 1.2030 and 1.2080 levels.

• EURUSD pair is only bearish while trading below the 1.2010 level, key support is found at the 1.1900 and 1.1860 levels.