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EURUSD Testing Major Resistance

The euro currency has moved to a four-week trading high against the US dollar, as traders are more positive towards US stimulus talks. Technical analysis shows that a large inverted head and shoulders pattern has started to form on the lower time frames. Continued gains above the 1.1840 level is required to activate the mentioned bullish pattern, which holds a 200-point upside target.

The EURUSD pair is only bearish while trading below the 1.1790 level, key support is found at the 1.1690 and 1.1640 levels.

The EURUSD pair is only bullish while trading above the 1.1790 level, key resistance is found at the 1.1890 and 1.1940 levels.

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