The euro has bounced sharply higher against the US dollar, despite a rate cut and more policy stimulus from the European Central Bank. Sellers failed to break the current EURUSD yearly trading low, which provoked a sharp counter-move in the EURUSD pair. Going forward, the 1.1160 level is likely to be a near-term upside target if bulls can continue to build on the recent upside momentum.
The EURUSD pair is bullish while trading above the 1.1000 level, key resistance is found at the 1.1100 and 1.1160 levels.
The EURUSD pair is only bearish while trading below the 1.1000 level, key support is found at the 1.0980 and 1.0935 levels.
