The euro is starting to trade lower against the US dollar after buyers failed to hold the pair above the technically important 1.1080 resistance level. Going forward, continued gains above the 1.1080 level are needed to encourage the next rally towards the 1.1120 area. A loss of the 1.1060 level should be considered bearish and may lead to a decline in the EURUSD pair towards the 1.1045 level.
The EURUSD pair is only bearish while trading below the 1.1060 level, key support is found at the 1.1045 and 1.1020 levels.
The EURUSD pair is only bullish while trading above the 1.1060 level, key resistance is found at the 1.1080 and 1.1120 levels.