The euro currency is under heavy selling pressure against the US dollar on Tuesday after the pair was strongly rejected from the 1.1250 resistance level. Intraday technical selling will likely increase in the EURUSD pair if bears can force price below the 1.1170 support level. Traders should note that the head and shoulders pattern on the four-hour time frame has a downside projection of close to three-hundred points.
The EURUSD pair is heavily bearish while trading below the 1.1216 level, key technical support is found at the 1.1170 and 1.1130 levels.
If the EURUSD pair trades above the 1.1250 level, bulls may test back towards the 1.1290 and 1.1310 resistance levels.
