EURUSD needs to make a new high

The euro has fallen back towards the lower end of its weekly trading range against the US dollar after bulls failed to move price above its former weekly trading high. The EURUSD pair is under technical pressure while trading back under the 1.1310 level and risks further losses towards the 1.1265 level. Overall, the US dollar index is starting to retrace last weeks losses, forcing majors lower against the greenback.

The EURUSD pair is only bearish while trading below the 1.1310 level, key technical support is found at the 1.1280 and 1.1260 levels.

If the EURUSD pair trades above the 1.1310 level, buyers may test the 1.1330 and 1.1347 levels.