The euro currency will need to rise above the 1.1170 level this week to regain its medium-term bullish bias against the US dollar. The lower time frames show that a bearish head and shoulders pattern will be activated if sellers can keep price below the 1.1100 level. EURUSD traders will also be aware that the US Federal Reserve is expected to cut interest rates dramatically later this week.
The EURUSD pair is only bullish while trading above the 1.1170 level, key resistance is found at the 1.1250 and 1.1350 levels.
The EURUSD pair is bearish while trading below the 1.1170 level, key support is found at the 1.1100 and 1.1060 levels.
