The euro currency has failed to recover higher against the US dollar, with the pair now treading water around the 1.1800 technical area. The four-hour time frame shows that a large head and shoulders pattern is now in play and is warning of further losses while the EURUSD trades under the 1.1850 level. According to the overall size of the pattern the EURUSD pair could test close to the 1.1700 support area.
The EURUSD pair is only bullish while trading above the 1.1850 level, key resistance is found at the 1.1870 and 1.1890 levels.
EURUSD pair is only bearish while trading below the 1.1850 level, key support is found at the 1.1775 and 1.1725 levels.
