The euro is heading back towards key 1.1480 resistance level against the US dollar after sellers once again failed to break below the current monthly trading low, at 1.1431. As previously mentioned, a sustained break below the 1.1431 support level exposes the neckline of a bearish head and shoulder pattern with a two-hundred point downside target. EURUSD traders now await a key directional breakout from the 1.1431 to 1.1480 trading range.
The EURUSD pair remains bearish while trading below the 1.1480 level, key support is found at the 1.1431 and 1.1390 levels.
If the EURUSD pair breaks above the 1.1480 level, key intraday resistance is found at the 1.1500 and 1.1550 levels.
