The euro currency is firming above the 1.2000 level against the US dollar, after igniting a bullish reversal pattern on the lower time frames on Monday. According to the size of the inverted head and shoulders pattern, a rally towards the 1.2100 area could take place. Traders should be aware that a much larger bullish reversal pattern will take shape if the GBPUSD pair reaches the current 2021 high.
The EURUSD pair is only bullish while trading above the 1.1890 level, key resistance is found at the 1.2060 and 1.2100 levels.
EURUSD pair is only bearish while trading below the 1.1890 level, key support is found at the 1.1840 and 1.1800 levels.
