currency is trading at the mid-point of its trading range against the US dollar
after sellers failed to break below key trendline
support. The EURUSD
currently has a neutral bias heading into today’s ECB policy meeting, with the pair stuck in range bound mode. Overall, a definitive technical breakout from the well-defined triangle pattern
is needed before a short-term trend can be established.
pair is only bearish
while trading below the 1.1315 level, key technical support is found at the 1.1267 and 1.1216 levels.
If the EURUSD
pair moves above the 1.1430 level, buyers may test the 1.1500 and 1.1550 resistance levels.