The euro currency has bounced from critical key support against the US dollar, keeping the short-term uptrend alive and well for now. EURUSD dip-buyers have now had a full price retracement back towards the top of a massive ascending broadening wedge pattern. If bulls can continue to defend the 1.2080 area, then a coming rally towards the 1.2340 level is still highly possible.
The EURUSD pair is only bullish while trading above the 1.2080 level, key resistance is found at the 1.2170 and 1.2340 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.
