EURUSD is trading above 1.13. Price has the potential to rise towards 1.1440 as we mentioned in previous posts. Although price remains inside the medium-term bearish channel, there are some indications that a reversal is imminent.
Blue line- support
Green line - short-term resistance
EURUSD is trapped inside a triangle pattern. Resistance is at 1.1342 and support at 1.1257. Breaking above 1.1342 will increase the chances of reaching our upside target at 1.1440. Failure to hold above 1.1257 will increase chances that price will fall towards 1.12 and maybe lower. Currently I prefer to be neutral if not bullish EURUSD. The most probable direction price will take is to the upside as long as price is above 1.1257.
