EURUSD TRIANGLE BREAKOUT AHEAD
The euro remains well supported against the US dollar, with traders still using any pullbacks in price to buy the single currency. Buyers need to break the upside of the symmetrical triangle pattern to keep the recent bullish momentum alive, while sellers need to force price below the triangle pattern. Trading ranges may start to narrow as market participants are likely to remain cautious ahead of today’s FOMC interest rate decision.
The EURUSD pair is intraday bullish while trading above the 1.1730 level, key resistance is found at the 1.1812 and 1.1850 levels.
If the EURUSD pair moves below the 1.1730 level, price may decline towards the 1.1700 and 1.1650 support levels.