The euro has broken above the 1.1700 level against the US dollar during the European trading session, with the price falling just short of the 1.1730 resistance level. The EURUSD pair has now created a bullish inverted head and shoulder pattern, with a sizeable upside projection. Buyers will look to break the 1.1730 level, while sellers will need to push the EURUSD below the 1.1650 level to change the short-term sentiment.
The EURUSD pair is strongly bullish while trading above the 1.1700 level, key resistance is now located at the 1.1730 and 1.1790 levels.
If the EURUSD pair moves below the 1.1700 level, sellers may test towards the 1.1670 and 1.1650 support levels.