The euro has reversed sharply higher against the US dollar during the European trading session after reports surfaced that the Italian economy may be considering a Budget Deficit cut. The EURUSD pair is now intraday bullish while moving above the 1.1370 level and may soon test the important 1.1400 resistance level. A bullish inverted head and shoulders pattern is now clearly visible on the one-hour time frame.
The EURUSD pair is intraday bullish while trading above the 1.1370 level, key technical resistance is now found at the 1.1400 and 1.1470 levels.
If the EURUSD pair trades below the 1.1370 level, key technical support is found at the 1.1355 and 1.1330 levels.
