The euro currency remains close to the 1.1300 level against the US dollar as traders await the outcome of the European Central Bank interest rate decision and monetary policy statement. A bearish head and shoulders pattern has formed on the four-hour time frame, with the neckline of the pattern found at the 1.1275 level. Only a sustained move above the 1.1420 resistance level can negate the bearish pattern currently looming over the EURUSD pair.
The EURUSD pair is intraday bearish while trading below the 1.1300 level, key technical support is found at the 1.1275 and 1.1230 levels.
If the EURUSD pair holds above the 1.1300 level, buyers may test towards the 1.1360 and 1.1420 levels.
