The euro is still holding onto recent gain against the US dollar, although bulls are struggling to move price above the 1.1200 level. The daily time frame shows that a large inverted head and shoulders pattern with over 400 points of upside potential has formed. It is possible that a correction towards either the 1.1020 or 1.0930 level may occur to form a right-hand shoulder to complete the bullish pattern.

  • The EURUSD pair is only bullish while trading above the 1.1120 level, key resistance is found at the 1.1200 and 1.1260 levels.

  • The EURUSD pair is bearish while trading below the 1.1120 level, key support is found at the 1.1020 and 1.0930 levels.

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