EURUSD: a few steps away of 1.2000 levels !

euro-dollar-594

As shown on the daily chart posted below, the EURUSD pair trades around critical resistance level 1.1459 (low of Jan 16 2015), note that the pair is around the upper border of the upward channel or rising wedge pattern, whatever; If the pair manages to sustain gains above the 1.1460 levels, in the medium term forecast, the pair will be heading towards the 1.2000 levels. Immediate resistance comes at the 1.1533 levels where a breach will open 1.1679 levels. It’s the last resistance level below 1.2000 levels If this resistance is taken out, a run towards the 1.2265 levels is very likely.

Alternatively; a failure to sustain gains above the 1.1460 levels, could mean a return to the 1.1200/1.1130 levels before the next up, If seen, probably, the pair is forming – what it looks like- a rising wedge pattern “bearish reversal”, It might continue rising inside the rising wedge towards the 1.1679 levels before the next collapse !!

 

EURUSD a few steps away of 1_2000 levels

EURUSD a few steps away of 1_2000 levels_002

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