The euro currency remains under downside pressure against the US dollar as risk-off trading sentiment rises across financial markets increases. The EURUSD pair has a strong short-term bearish bias while price trades below the 1.1060 resistance level. A bearish head and shoulders pattern has been triggered and points to an upcoming decline in the EURUSD pair towards the 1.0950 support area.
The EURUSD pair is only bullish while trading above the 1.1060 level, key resistance is found at the 1.1100 and 1.1130 levels.
The EURUSD pair is only bearish while trading below the 1.1060 level, key support is found at the 1.1020 and 1.0980 levels.