The euro currency has fallen to a fresh monthly low against the US dollar, following the release of worse-than-expected EU PMI Manufacturing data. A bearish head and shoulders pattern has formed across the lower time frames and will be activated if price moves under the 1.0770 level. According to the size of the bearish pattern, the EURUSD pair could weaken towards the 1.0550 level.
The EURUSD pair is only bullish while trading above the 1.0880 level, key resistance is found at the 1.0940 and 1.0990 level.
The EURUSD pair is only bearish while trading below the 1.0880 level. Key support is found at the 1.0770 and 1.0550 levels.
