The euro currency is attempting to break above the 1.1800 against the US dollar, following Monday’s technical breakout above the 1.1770 level. Traders should note that the EURUSD pair is currently trading above the neckline of a large inverted head and shoulders. According to the technical analysis, EURUSD bulls need to close the daily candle above the 1.1840 to encourage further medium-term buying.
The EURUSD pair is only bearish while trading below the 1.1770 level, key support is found at the 1.1750 and 1.1730 levels.
The EURUSD pair is only bullish while trading above the 1.1770 level, key resistance is found at the 1.1800 and 1.1840 levels.
