The euro currency has a slight bullish bias against the US dollar after the European Central Bank struck a more hawkish tone than markets were expecting on Thursday. EURUSD bulls need to gain traction above the 1.2160 resistance level in order to attract buying interest for a test of the 1.2220 level. Caution is still advised as a large head and shoulders pattern is still valid across the higher time frames.
The EURUSD pair is only bearish while trading below the 1.2130 level, key support is found at the 1.2100 and 1.2060 levels.
The EURUSD pair is only bullish while trading above the 1.2130 level, key resistance is found at the 1.2160 and 1.2220 levels.
