The euro currency has moved to multi-week trading high against the US dollar, following less strong than feared CPI inflation data from the US economy. Lower time frame analysis shows that an inverted head and shoulders pattern will be activated if the price moves above the 1.1840 level. According to the overall size of the bullish reversal pattern, a rally towards the 1.2100 area could be about to take place.
The EURUSD pair is only bullish while trading above the 1.1890 level, key resistance is found at the 1.1970 and 1.2100 levels.
EURUSD pair is only bearish while trading below the 1.1890 level, key support is found at the 1.1840 and 1.1800 levels.
