The euro is building upon the dollar weakness as price broke out to a two-week high intraday before pulling back.
This upside move now invalidates the head and shoulders pattern that we were watching.
Price is reversing well before testing the 1.1000 level of resistance.
This could suggest that further gains might be in store. But, a lot will depend on this current pullback.
The minor support area is identified in the 1.0885 – 1.0879 region.
If price reverses at or near this level, we expect the common currency to potentially breakout above 1.1000 eventually.
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