The euro currency is under heavy downside pressure against the US dollar on Friday after ECB President Mario Draghi struck a more dovish tone towards the eurozone economy at yesterday’s ECB policy meeting. A clear break below the 1.1300 level exposes the EURUSD pair to further technical selling towards at least the 1.1260 level. A bearish head and shoulders pattern is starting to emerge across the lower time frames.
The EURUSD pair is strongly bearish while trading below the 1.1300 level, key technical support is found at the 1.1260 and 1.1214 levels.
If the EURUSD pair moves above the 1.1360 level, buyers may test towards the 1.1380 and 1.1410 resistance levels.
