The euro currency has recovered above the 1.1300 level against the US dollar on hopes that the European Central Bank may provide new loans to troubled European banking institutions. EURUSD bulls need to break above the 1.1337 resistance level to keep the recent bullish move intact. The MACD indicator on the four-hour time frame is signalling that further upside in the pair remains possible.
The EURUSD pair is only bearish while trading below the 1.1300 level, key technical support is found at the 1.1260 and 1.1238 levels.
If the EURUSD pair moves above the 1.1300 level, buyers may test towards the 1.1337 and 1.1370 resistance levels.
