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The euro currency has reversed sharply lower against the US dollar after hitting a new yearly high, around the 1.2290 level, during the European session. Technical analysis highlights that an extremely large bearish reversal pattern will form if the current rejection reaches 1.2130. To the upside, a clear break above the 1.2300 level is likely to see the EURUSD pair trading towards the 1.2330 area.

The EURUSD pair is only bullish while trading above the 1.2200 level, key resistance is found at the 1.2290 and 1.2330 levels.

The EURUSD pair is only bearish while trading below the 1.2200 level, key support is found at the 1.2130 and 1.2050 levels.