The euro currency is under heavy downside pressure against the US dollar on Monday after being rejected from the 1.1100 resistance level. Medium-term traders will likely turn bearish towards the EURUSD pair if the 1.1060 support level is broken this week. A break under the 1.1060 support level could cause the EURUSD pair to slump back towards the 1.0980 support level.
The EURUSD pair is only bullish while trading above the 1.1100 level, key resistance is found at the 1.1145 and 1.1170 levels.
The EURUSD pair is only bearish while trading below the 1.1100 level, key support is found at the 1.1080 and 1.1060 levels.
