EURUSD BULLS NEED TO NEGATE BEARISH PATTERN
The euro continues to trade above the 1.1600 level against the US dollar as today’s European Central Bank policy meeting draws nearer. The EURUSD pair is still trading within a bearish head and shoulders pattern, buyers will have to move price above the 1.1700 level to negate the pattern. Sellers will be targeting a strong move lower towards the 1.1528 level, while buyers will attempt to stabilize price above the 1.1650 level.
The EURUSD pair is intraday bullish while trading above the 1.1650 level, key resistance is located at the 1.1700 and 1.1730 levels.
If the EURUSD pair moves below the 1.1600 level, key support is found at the 1.1528 and 1.1480 levels.