EURUSD - Looking For Pre-ECB Prices In Near-Term
- EURUSD consolidation/triangle building over the past few trading sessions
- On a breakout above 11425, looking for a move back towards pre-ECB levels (~11600)
- Break below 11260 negates bullish posture, retest or break of 1/26 low becomes risk
Looking at the hourly chart of EURUSD we can see a triangle forming just under key trend-line resistance levels. A breakout above 11425 will put price above the high of the triangle as well as both trend-lines. Given the puke/capitulation like price action following the 1/22 ECB meeting, I still favor long set-ups unless the recent consolidation fails to hold (Line in sand = 12600).
EURUSD 1-hr: Jan '15 - Present
--- Written by Paul Robinson, DailyFX Research
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