The euro currency is struggling for direction against the US dollar, as traders remain undecided about the weekly direction of the pair. Caution is advised in the short-term, as a bearish head and shoulders pattern has formed across the lower time frame. According to technical analysis, a breakout under the 1.1710 level is required to activate the pattern, which holds a two hundred point downside target.
The EURUSD pair is only bullish while trading above the 1.1760 level, key resistance is found at the 1.1840 and 1.1860 levels.
The EURUSD pair is only bearish while trading below the 1.1760 level, key support is found at the 1.1710 and 1.1640 levels.