The euro currency has reversed a significant portion of its recent gains against the US dollar, with the pair falling to its weakest level since the US election. Technical analysis shows that the EURUSD pair has a heavily negative trading bias while price trades under the 1.1790 level. If bulls fail to recover above the 1.1790 level then the EURUSD pair could be headed towards the 1.1400 area over the medium-term.
The EURUSD pair is only bearish while trading below the 1.1790 level, key support is found at the 1.1710 and 1.1610 levels.
The EURUSD pair is only bullish while trading above the 1.1790 level, key resistance is found at the 1.1840 and 1.1900 levels.
