The euro has retraced back under the 1.1200 level against the US dollar, following a lack of interest to take the pair above th current weekly trading high. EURUSD bulls need to continue to defend the 1.1187 level in order to maintain the recent bid tone in the pair. A sustained move below the 1.1160 support level should be considered extremely bearish for the EURUSD pair.
The EURUSD pair is only bearish while trading below the 1.1187 level, key support is found at the 1.1160 and 1.1138 levels.
If the EURUSD pair trades above the 1.1187 level, bulls may test towards the 1.1238 and 1.1280 levels.
