EURUSD Heavy rejection

The euro currency continues to trade around the worst levels of the week against the US dollar, following a major technical rejection from the 1.2160 area. Downside pressure in the EURUSD pair is expected to persist as the Stochastic indicator on the daily time is still issuing a sell signal. Sellers could test back towards the neckline of a bearish head and shoulders pattern, around the 1.2160 level.

• The EURUSD pair is only bullish while trading above the 1.2130 level, key resistance is found at the 1.2150 and 1.2165 levels.

• EURUSD pair is only bearish while trading below the 1.2130 level, key support is found at the 1.2100 and 1.2060 levels.