The euro currency is holding steady above the 1.2200 level against the US dollar, following yesterday’s better than expected German CPI inflation reading. Lower time frame analysis is showing that a large inverted head and shoulders price pattern has been activated. EURUSD bulls need to keep the price above the 1.2215 level to keep the pattern activated, which holds an 85 point upside projection.
EURUSD pair is only bearish while trading below the 1.2160 level, key support is found at the 1.2130 and 1.2100 levels.
The EURUSD pair is only bullish while trading above the 1.2160 level, key resistance is found at the 1.2260 and 1.2300 levels.
