The euro currency remains well bid against the US dollar, following Tuesday’s strong price advancement towards the 1.2200 level. Bearish MACD price divergence has formed across the one-hour time frame and is a warning of a possible price pullback in the EURUSD pair. Traders should be aware that the EURUSD pair could pull back towards the 1.2130 in order for the divergence to be reversed.
EURUSD pair is only bearish while trading below the 1.2160 level, key support is found at the 1.2130 and 1.2100 levels. The EURUSD pair is only bullish while trading above the 1.2160 level, key resistance is found at the 1.2235 and 1.2280 levels.