The euro currency is starting to trade around the 1.1170 level against the US dollar, following a major bounce from the 1.1050 support level. The lower time frames are currently showing that a large head and shoulders pattern has recently formed. The neckline of the bearish pattern is located around the 1.1100 level and implies that the EURUSD pair could fall back towards the 1.0600 level.
The EURUSD pair is only bullish while trading above the 1.1170 level, key resistance is found at the 1.1350 and 1.1500 levels.
The EURUSD pair is bearish while trading below the 1.1170 level, key support is found at the 1.1100 and 1.1050 levels.
