The euro has recovered earlier losses against the US dollar after Federal Reserve Chair Jerome Powell’s comments prompted a strong move lower in the greenback. Buyers now need to break above the 1.1400 level, to maintain bullish intraday pressure on the EURUSD pair. The recent move higher has also confirmed the creation of an inverse head and shoulder, which is a strongly bullish reversal pattern.
The EURUSD pair is bullish while trading above the 1.1382 level, key technical resistance is found at the 1.1400 and 1.1470 levels.
If the EURUSD pair trades below the 1.1330 level, key technical support is found at the 1.1300 and 1.1270 levels.
