The euro has opened the new trading week on stronger footing against the US dollar currency, following a positive outcome from the weekends G20 Summit. The EURUSD pair has bounced from the 1.1300 level, putting the bullish inverted head and shoulders pattern on the lower time frames back in focus. Overall, a clear break from the 1.1300 to 1.1400 price range is needed to encourage short-term directional traders to enter into the market.
The EURUSD pair is only bullish while trading above the 1.1400 level, key technical resistance remains at the 1.1470 and 1.1500 levels.
If the EURUSD pair trades below the 1.1300 level, sellers may test the 1.1270 and 1.1216 levels.
