The euro currency has moved back to critical weekly support against the US dollar after the US CPI inflation number came in at 0.9 percent on the month. The EURUSD pair could reverse towards the 1.2200 resistance level if the 1.2080 support level holds firms. Bulls need to be careful if sustained weakness under 1.2080 takes hold as the EURUSD pair could falter towards the 1.1980 level.
The EURUSD pair is only bullish while trading above the 1.2080 level, key resistance is found at the 1.2170 and 1.2240 levels.
EURUSD pair is only bearish while trading below the 1.2080 level, key support is found at the 1.2060 and 1.2030 levels.
