The euro continues to trade to the downside against the US dollar after yesterday’s ECB monetary policy meeting failed to boost the single currency higher. The EURUSD pair is now trading marginally above critical intraday support, at the 1.1553 level. In the short-term, a bearish head and shoulders pattern is starting to form, with the neckline around the 1.1500 support level.
The EURUSD pair is only bullish while trading above the 1.1553 level, key resistance is found at the 1.1600 and 1.1650 levels.
If the EURUSD pair holds price below the 1.1553 level, sellers are likely to test towards 1.1507 and 1.1410 support levels.
