EURUSD TRADERS AWAIT TRIANGLE PATTERN BREAK

The euro currency is starting to weaken below the 1.1700 level against the US dollar, after a false technical breakout above the well-defined symmetrical triangle pattern on Tuesday. EURUSD traders need to see a clear break of the triangle pattern to encourage a much needed directional breakout in the pair. Buyers need to break the 1.1730 resistance level, while sellers need to force a break of the 1.1610 support level.

• The EURUSD pair is only bullish while trading above the 1.1730 level, key resistance is found at the 1.1780 and 1.1850 levels.

• If the EURUSD pair falls below the 1.1610 level, key technical support is found at the 1.1540 and 1.1480 levels.