EURUSD Daily Outlook

In the Daily chart, broadening wedge pattern has been created and price is approaching to the upper band of it which has been tested twice by price before.

CCI shows that price has been entered to the over bought area.

There are two different scenarios:

Bearish Scenario: IF price rise and approaches to the upper side of the wedge pattern and got rejected by that level (around 1.2080 - 1.21), we can expect a fall to the support level at 1.1990 and IF this level broken out to the downside we can expect more drop to the red support line.

Bullish Scenario: The last peak in the downtrend at 1.1990 has been broken out to the upside and price is in a bullish reversal pattern.
IF price can break the pattern to the upside and candles close above the 1.21, we can expect a big rise in the future around 1.23, then 1.25