EURUSD BUYERS NEED TO DEFEND 1.1300 LEVEL

The euro currency is back under pressure against the US dollar after being firmly rejected from its weekly pivot point on Monday. The bullish inverse head and shoulders pattern on the one-hour time frame remains valid, although buyers need to defend the 1.1300 support level. In the short-term, the 1.1330 level remains the key area to watch when trading the EURUSD pair.

The EURUSD pair is only intraday bullish while trading above the 1.1379 level, key technical resistance is found at the 1.1400 and 1.1470 levels.

If the EURUSD pair trades below the 1.1330 level, key technical support is found at the 1.1300 and 1.1216 levels.