The euro currency is sinking lower against the US dollar as the US dollar continues to enjoy strong buying demand on the foreign exchange market this week. The EURUSD pair has broken beneath the neckline of a large head and shoulders pattern on the daily time frame. Head and shoulders patterns are widely considered to be highly accurate bearish price patterns.
The EURUSD pair is only bullish while trading above the 1.2060 level, key resistance is found at the 1.2090 and 1.2125 levels.
EURUSD pair is only bearish while trading below the 1.2060 level, key support is found at the 1.2000 and 1.1960 levels.
