The euro is under heavy downside pressure against the US dollar after breaking sharply below the 1.1100 support level on Tuesday. A bearish head and shoulders pattern has now been activated across the lower time frames and could prompt a decline towards the 1.0900 support level. Overall, EURUSD traders are likely to sell any rallies back above the 1.1000 resistance level.
The EURUSD pair is only bullish while trading above the 1.1100 level, key resistance is found at the 1.1130 and 1.1170 levels.
The EURUSD pair is bearish while trading below the 1.1100 level, key support is found at the 1.0900 and 1.0840 levels.
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