is still trapped around the 1.1100 level against the US dollar
as the traders remain cautious ahead of the FOMC Meeting Minutes and EU PMI data later this week. If buyers can continue to defend the 1.1150 to 1.1170 price region a potential double-bottom pattern could form this week. Overall, unless buyers take price above the 1.1160, selling EURUSD
is still preferred.
pair is bearish
while trading below the 1.1100 level, key support is found at the 1.1070 and 1.1050 levels.
If the EURUSD
pair trades above the 1.1100 level, bulls may test towards the 1.1130 and 1.1160 levels.