The euro is under slight pressure against the US dollar on Monday after the pair suffered its weakest monthly price close since June 2017. The EURUSD pair has a strong bearish bias while trading above the 1.1216 level, as it represents the neckline of a large head and shoulders pattern. Traders should note the 1.1310 level offers the strongest form of weekly resistance for the EURUSD pair.
The EURUSD pair is bearish while trading below the 1.1216 level, key technical support is found at the 1.1170 and 1.1110 levels.
If the EURUSD pair trades above the 1.1216 level, buyers may test back towards the 1.1250 and 1.1310 resistance levels.
