The EUR/USD currency pair is currently hovering around a long term resistance zone on the daily chart which previously got rejected on March 10th of this year and again on the 10th of June. The bullish Cup n Handle continuation pattern completes at (1) where it is met with reliable monthly trend line resistance, making this particular hurdle a tough one. If the bulls can manage to convincingly break, hold and close above resistance at (1) on the daily time frame, this pair will more than likely see high 114s in the coming days.
Alternatively, if resistance stands its ground and we fall below the 11410/00 handle, 11350/70s then comes into play. The bulls need to keep prices above 11300 to keep this uptrend intact, or they risk handing control over to the bears. Thursday’s ECB rate decision should get things fired up for this pair which comes in at 11.45 am (GMT).
Alternatively, if resistance stands its ground and we fall below the 11410/00 handle, 11350/70s then comes into play. The bulls need to keep prices above 11300 to keep this uptrend intact, or they risk handing control over to the bears. Thursday’s ECB rate decision should get things fired up for this pair which comes in at 11.45 am (GMT).