The euro currency faces a pivotal week ahead against the US dollar, following last weeks bearish reversal towards the 1.2200 level. Swing traders may look to sell the EURUSD pair between the 1.2250 to 1.2270 area this week, in expectation of further weakness. Overall, the direction of the US dollar index is likely to determine whether the reversal continues or the long-term uptrend in the EURUSD continues.
The EURUSD pair is only bullish while trading above the 1.2200 level, key resistance is found at the 1.2250 and 1.2270 levels.
The EURUSD pair is only bearish while trading below the 1.2200 level, key support is found at the 1.2130 and 1.2060 levels.
