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.