The euro currency finished the weekly very strongly against the US dollar, following more positive PMI data from the eurozone economy. This week, the EURUSD pair could test towards the 1.2200 resistance area as a bullish inverted head and shoulder pattern continues to play out. Traders may buy any dips towards the 1.2040 price area if a pullback takes hold in the EURUSD.
The EURUSD pair is only bullish while trading above the 1.2040 level, key resistance is found at the 1.2130 and 1.2200 levels. EURUSD pair is only bearish while trading below the 1.2040 level, key support is found at the 1.1990 and 1.1950 levels.