novvoll12

EURUSD 1.0975: Neutral – Within a 6-month triangle

FX:EURUSD   Euro/U.S. Dollar
EURUSD             has been consolidating within a 6-month triangle (from 1.1533 high/1.0461 low, as shown on the daily chart ). While the 1.1128 resistance area caps, there is potential to test the 1.0807/1.0818 support zone near the 6-month triangle lower bounds. A breakdown there is needed to suggest topping and resume broad downtrend towards 1.0519/1.0461. However, a push above 1.1128 near term would reinforce the strong support in the 1.0807/1.0818 area and trigger further gains towards 1.1277 then 1.1435 near the 6-month triangle upper bounds and the 200 day moving average currently at 1.1440.
Outlook:
Short term: neutral
Long term: bearish
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