The euro has moved to a new monthly and yearly high against the US dollar this morning, with the pair rally towards the 1.1725 level. Lower time frame analysis shows that a bearish head and shoulders pattern has formed and is warning of a correction back towards the 1.1640 level. To the upside, a breakout above the 1.1725 level exposes further gains towards the 1.1810 level.
The EURUSD pair is only bullish while trading above the 1.1640 level, key resistance is found at the 1.1725 and 1.1800 levels.
The EURUSD pair is only bearish while trading below the 1.1640 level, key support is found at the 1.1580 and 1.1500 levels.
