The euro currency has suffered rejection from around the 1.2215 level against the US dollar, after bulls failed to break above a key trendline. The four-hour time frame shows that the 1.2215 level represents the bottom of a large rising wedge pattern the EURUSD pair dropped under last week. If bulls fails to break the 1.2215 level today then a descent back to the 1.2100 level is possible.
EURUSD pair is only bearish while trading below the 1.2180 level, key support is found at the 1.2160 and 1.2100 levels.
The EURUSD pair is only bullish while trading above the 1.2180 level, key resistance is found at the 1.2215 and 1.2250 levels.
