Good morning everyone!!! A short-term triangle pattern can be seen in the 4 hour chart in EURUSD with 1.1215 as upper boundary and 1.1150 lower boundary.
However the most important short-term resistance lies at 1.1260 where we find the upper boundary of the red bearish channel. Breaking that level will be big news for bulls. One other thing that I noticed at least for the last few sessions is that Gold price is leading EURUSD.
Gold declines precede EURUSD declines. Gold rallies precede EURUSD rallies. Now Gold is at a major resistance area. Breaking above it will be a bullish sign for EURUSD as well.
Gold’s failure to break resistance and to stay above $1,276 will also be bearish for EURUSD and it may lead it towards 1.11 or lower.
Thank you for taking the time to catch up on my thinking!!!