The euro currency has rallied to a new 2020 trading high against the US dollar during the European trading session as pair reached the 1.1915 area. Short-term technical analysis shows that a large inverted head and shoulders pattern is taking shape. According to the size of the bullish pattern, the EURUSD pair could stage a rally towards the 1.2050 resistance area.
The EURUSD pair is only bullish while trading above the 1.1760 level, key resistance is found at the 1.1915 and 1.2050 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.
