The euro currency continues to weaken against the US dollar, with bulls failing to maintain the pair back above the 1.2200 resistance level. Technical analysis shows that a bearish breakout from a large rising wedge pattern has taken place on multiple time frame. Additionally, the Stochastic indicator on the daily time frame is starting to issue a sell signal for the EURUSD pair.
The EURUSD pair is only bullish while trading above the 1.2190 level, key resistance is found at the 1.2230 and 1.2270 levels.
The EURUSD pair is only bearish while trading below the 1.2190 level, key support is found at the 1.2130 and 1.2050 levels.
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