The euro is starting to correct lower against the US dollar, after a strong technical rejection from the 1.1550 resistance level during the European trading session. If the EURUSD continues to decline, price may start to form a bearish head and shoulders pattern. Buyers will need to close the daily candle above the 1.1553 level to keep the recent bullish momentum from the double-bottom pattern intact.
The EURUSD pair is intraday bullish while trading above the 1.1500 level, key resistance is found at the 1.1553 and 1.1600 levels.
If the EURUSD pair trades below the 1.1500 level, key support is found at the 1.1480 and 1.1431 levels.
