The euro currency has staged a major technical breakout against the US dollar, after sellers finally break under the technically important 1.2060 level. Price has now moved under the neckline of a massive head and shoulders pattern, which is pointing to 1.1800 as a potential target. The 1.1980 and 1.1910 levels are the next potential near-term targets for EURUSD bears.
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The EURUSD pair is only bearish while trading below the 1.2160 level, key support is found at the 1.1980 and 1.1910 levels.
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The EURUSD pair is only bullish while trading above the 1.2160 level, key resistance is found at the 1.2200 and 1.2220 levels.
