EURUSD has been trading in an ascending wedge formation since mid November. It is currently testing the 1.14720 (R1) area of resistance. Should this level hold we could be looking at a move back down to the lower trendline .
Profit target: 1.13631, the 4th of January swing low.
Stop loss: 1.5000, if this analysis is correct we shouldn't get above here. A move above this level would indicate a breakout to the upside and a possible long trade set up.