The euro currency performed a strong rebound against the US dollar last Friday, following the release of worse-than-expected Manufacturing data. A bullish inverted head and shoulders pattern has formed on the lower time frame and indicates a possibly rally towards the 1.0960 area. Overall, EURUSD bulls need to keep price above the 1.0860 level to ignite the bullish pattern.
The EURUSD pair is only bullish while trading above the 1.0860 level, key resistance is found at the 1.0880 and 1.0960 levels.
The EURUSD pair is bearish while trading below the 1.0860 level, key support is found at the 1.0810 and 1.0777 levels.
