The euro currency is appearing very bearish against the US dollar as the greenback gains ground after a more hawkish policy speech from the Federal Reserve than expected. The EURUSD pair is approaching the 1.2000 level which marks the top of a broadening descending wedge pattern. If the 1.2000 level break with conviction the EURUSD pair could fall towards the 1.1940 support region.
The EURUSD pair is only bullish while trading above the 1.2100 level, key resistance is found at the 1.2130 and 1.2160 levels. EURUSD pair is only bearish while trading below the 1.2100 level, key support is found at the 1.2000 and 1.1940 levels.