The euro has continued to recover higher against the US dollar during the European trading session, which is encouraging the notion that a major price may been established last week. Going forward, price stabilization above the 1.1145 level is key for the recovery in the EURUSD pair over the medium-term horizon. Once above the 1.1145 level the EURUSD bulls may attempt to break above the technically important 1.1200 level.
The EURUSD pair is only bullish while trading above the 1.1100 level, key resistance is found at the 1.1170 and 1.1200 levels.
The EURUSD pair is only bearish while trading below the 1.1100 level, key support is found at the 1.1080 and 1.1060 levels.
