EURUSD
EURUSD is undeniably in an uptrend for the past month and the RSI is hovering around overbought territory for the same period. 1.17 was the 1.618 extension from the start of the EU rally nearing the end of June, hence explaining the "pause" we are seeing in the pair now. Price action showing signs of consolidation rather then correction (evidence of a strong trending counter).
Likely scenario will be sideways consolidation until the upper bound of 1.177 or lower bound of 1.1650 is breached. I am favoring a breakout to the upside because of the strong trending behavior, supported by price action. Next resistance likely be around 1.18 region. Potentially, should the breakout not happen, it should pull back closer to the 20EMA region. Watch for this...
Trade closed: target reached:
Breakout happened in pre-US session, approaching 1.185 zone where the next resistance is. I caught 82 pips of the movement =)