EURUSD 1.0980 bounce

The euro is trading back above the 1.1000 level against the US dollar after the pair bounced fairly sharply from the 1.0980 level on Friday. A daily price above the 1.1070 level is now needed to confirm that a major technical bottom is in place for the EURUSD. Looking at the downside potential, a daily price close under the 1.0990 level should encourage bears to target the 1.0945 level.

• The EURUSD pair is only bullish while trading above the 1.1020 level, key resistance is found at the 1.1045 and 1.1070 levels.
• The EURUSD pair is only bearish while trading below the 1.1020 level, key support is found at the 1.0980 and 1.0945 levels.