EUR/USD Price Analysis: Dips below 1.18, Monday's low is key support

• EUR/USD's daily chart shows indecision in the market place. 
• Monday's low is the level to defend for the bulls. 

EUR/USD is currently trading at session lows below 1.18, having faced rejection at 1.1827 early today. 

The pair formed an inside day Doji candle on Monday, signaling indecision in the market place and neutralizing the bullish view put forward by Friday's marubozu candle. 

Acceptance below Monday's low of 1.1787 would mean the period of indecision has ended with a bear victory. The breakdown would open the doors for a re-test of 1.17. 

Alternatively, a close above Monday's Doji candle high of 1.1827 would revive the bullish view and set the tone for a rally to 1.1918 (Sept. 10 high). 

Daily chart

Trend: Neutral

Technical levels