The euro currency is consolidating around critical technical support against the US dollar, as the pair continues its recent downside breakout. The EURUSD pair could fall towards the 1.1500 area if a technical breakout below the 1.1650 takes place. To the upside, failure to hold price below the 1.1650 level may provoke a powerful counter-rally towards the 1.1770 resistance area.
The EURUSD pair is only bearish while trading below the 1.1770 level, key support is found at the 1.1650 and 1.1580 levels.
The EURUSD pair is only bullish while trading above the 1.1770 level, key resistance is found at the 1.1790 and 1.1840 levels.