The euro currency has fallen back towards the 1.2000 level against the US dollar, as traders remain anxious ahead of preliminary EU PMI data. A bearish head and shoulders pattern is a warning of a coming 65 point price drop if the EURUSD pair holds below the 1.2015 level. If EU PMI data comes out better than expected, then the EURUSD pair could attack towards the 1.2060 resistance level.
The EURUSD pair is only bullish while trading above the 1.2015 level, key resistance is found at the 1.2060 and 1.2080 levels.
EURUSD pair is only bearish while trading below the 1.2015 level, key support is found at the 1.1980 and 1.1950 levels.
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