The euro continues to hold around the 1.1200 level against the US dollar as traders await a much-needed breakout in the US dollar index this week. The 1.1160 level is the key support level to watch and the gateway to further losses towards the 1.1135 level. Bulls also have an interesting set-up this week, with gains above the 1.1250 likely to prompt a key technical test of the EURUSD pairs 200-day moving average.

The EURUSD pair is only bearish while trading below the 1.1180 level, key support is found at the 1.1160 and 1.1135 levels.

If the EURUSD pair trades above the 1.1180 level, bulls may test towards the 1.1248 and 1.1290 levels.

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