A longer term triangle pattern is developing.

The EURUSD is in a longer term symmetrical triangle pattern which has key resistance at the 1.1000 level and support down at 1.0630. Near term, the 1.0898 level is capping the rally, and if broken this week could allow for the 1.1000 level to be tested. A break back below the 200 and 50dma could allow for a move back to the 1.0630 triangle support.

The Eurozone and US PMI’s could offer some better guidance for the pair on Thursday.

Blake Morrow

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Blake Morrow