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.
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.
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.