Technical outlook:
EUR/USD is now consolidating withing a contracting triangle after hitting the 1.1369 high on Wednesday. The single currency pair is setting up for a push through 1.1500 after breaking out of the triangle. Ideally, prices should stay above 1.1235 as bulls prepare to resume rally through 1.1500 and up to 1.1700.
EUR/USD carved an upswing between 1.1186 and 1.1383 early this month. Since then, price action has remained subdued within a triangle. Furthermore, prices are consolidating within another bullish boundary between 1.1270 and 1.1369. Watch out for a push above 1.1369 for bulls to accelerate further.
EUR/USD had earlier dropped through the Fibonacci 0.618 retracment after the rally between 1.0636 and 1.2350. The uptrend is highly likley to resume from here and continue above the 1.2350 mark in the next several weeks.
Trading plan:
Potential rally through 1.1500 at least against 1.1150
Good luck!
