EURUSD Pattern play
The euro currency has recovered back above the 1.2000 level against the US dollar, ahead of today’s big European Central Bank policy meeting. A head and shoulders pattern has formed across the lower time frames, with neckline support around the 1.2015 level. Traders should be aware that a breakout above the 1.2080 level and the pattern will be invalidated, potential causing the EURUSD pair to surge towards the 1.2200 level.
The EURUSD pair is only bullish while trading above the 1.2015 level, key resistance is found at the 1.2080 and 1.2160 levels.
EURUSD pair is only bearish while trading below the 1.2015 level, key support is found at the 1.1980 and 1.1930 levels.