The euro currency has fallen to a fresh weekly low against the US dollar, completely eroding all of last Friday’s hard-earned trading gains. Technical analysis suggests that a break below the 1.1030 level opens-the-door for further losses towards the 1.0960 level. Bears may have to wait until the upcoming ECB policy meeting before a major technical breakout occurs in the EURUSD pair.
If the EURUSD pair trades above the 1.1110 level, bulls may test back towards the 1.1130 and 1.1160 levels.
The EURUSD pair is heavily bearish while trading below the 1.1110 level, key support is found at the 1.1030 and 1.0960 levels.