The euro is rising against the greenback in early Thursday trade after sellers once again failed to break the 1.1300 support level. The recent technical failure, at 1.1301, has created a bullish double-bottom pattern, which is encouraging intraday buying interest. The next large directional move in the EURUSD pair is likely to occur once the 1.1301 to 1.1380 price range has clearly been breached.
The EURUSD pair is only bearish while trading below the 1.1330 level, key support is found at the 1.1301 and 1.1225 levels.
If the EURUSD pair moves above the 1.1380 level, buyers are likely to test towards the 1.1431 and 1.1500 resistance levels.
