EURUSD LIKELY TO TEST TRENDLINE RESISTANCE
The euro has moved above the 1.1600 level against the greenback, as the US dollar index trades lower over improving risk-on trading sentiment. The EURUSD pair is increasingly likely to test major trendline resistance, which is currently located at the 1.1630 level. Sellers need to force price back below the 1.1600 level, while buyers now need to push the price back inside the symmetrical triangle pattern.
The EURUSD pair is only intraday bearish while trading below the 1.1600 level, key support is now found at the 1.1553 and 1.1527 levels.
If the EURUSD pair moves above the 1.1630 resistance level, buyers are likely to test towards the 1.1650 and 1.1681 resistance levels.