The euro currency has quickly recovered back above the 1.2200 handle against the US dollar, further underscoring the dip-buying interest for the pair at the moment. Technical analysis shows that a breakout above the 1.2330 area could see the EURUSD pair testing towards the 1.2500 area. Lower time frame analysis also shows than an extremely large inverted head and shoulders pattern is forming.
The EURUSD pair is only bullish while trading above the 1.2170 level, key resistance is found at the 1.2280 and 1.2330 levels.
The EURUSD pair is only bearish while trading below the 1.2170 level, key support is found at the 1.2130 and 1.2050 levels.
