EUR/USD technical analysis: Under pressure, 1.1184 is key resistance
|- Breakout in EUR/USD remains elusive despite Friday's bullish candle.
- A close above 1.1184 is needed to confirm an inverse head-and-shoulders breakout.
EUR/USD is reporting marginal losses at press time, marking a weak follow-through to Friday's bullish candle.
The pair is currently trading at 1.1163, representing a marginal loss on the day.
The currency pair formed a green candle with a long lower shadow on Friday, signaling dip demand near 1.1128. Essentially, the day had begun with pessimism but ended on a positive note.
So far, however, Friday's bullish candle has failed to draw bids for the common currency.
Also, the resistance at 1.1184 is the level to beat for the bulls. A close above that would confirm an inverse head-and-shoulders breakout, as per the daily chart, and create room for a rally to 1.1489 (target as per the measured move method).
Daily chart
Trend: Bullish above 1.1184
Technical levels
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