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EUR/USD Threatens Bullish Continuation

The EUR/USD has been consolidating since it rallied to 1.1450. We have seen a choppy bearish correction in the second half of April. However, this past week has been tough on the USD and we saw EUR/USD climb from about 1.1215 to about 1.1365 today (4/28). As we can see on the 4H chart below, price is testing a consolidation pattern resistance.

EUR/USD 4H Chart 4/28
(click to enlarge)A break above 1.1370 would clear the falling resistance and signal bullish continuation, especially if the 4H RSI also tags 70. This would open up 1.1450 and the 1.15 handle, which is a common resistance area going back to early 2015.

A break below the 4/27 session low at 1.1270 would point to further downside perhaps back towards the 1.1150 pivot or at least the 1.12 handle.