EURUSD is challenging the 1,34 level and it seems that it has the power to break it. Yesterday prices managed to make a peak above 1,34 near 1,3450 and today is back testing the broken resistance. EURUSD is moving upwards in an pattern. Trend in all time frames is up and it seems that on a daily level prices are trying to break out of a longer term sideways consolidation pattern.
As shown in the daily chart above, prices seem ready to confirm the break of the green downward sloping trend line. Additionally the 1,34 is also a triple top price level as shown in the 2 hour chart below and breaking above it could re-energize bulls and push prices towards 1,36-37.
Short term support is found at 1,3350 and then at 1,3280. Short term resistance is found at 1,3427 and 1,3460. We favor bullish positions above 1,3427 as this could enable more buyers support the bullish trend that this pair is currently in. Breaking below 1,3350 could put the entire bullish scenario in danger as another rejection at 1,34 could prove fatal for any chance of an upward move bulls may have.
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