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The euro currency has started to recovery against the US dollar after sellers failed to build on the early-week downside momentum. Technical analysis shows that a bearish rising wedge pattern has formed, with the 1.2170 level the key area to watch. EURUSD traders are likely to continue buying dips in the pair all the while that bulls are able to hold price above the 1.2170 level

The EURUSD pair is only bearish while trading below the 1.2170 level, key support is found at the 1.2090 and 1.1980 levels.

The EURUSD pair is only bullish while trading above the 1.2170 level, key resistance is found at the 1.2240 and 1.2280 levels.