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EURUSD : Will it Continue to Follow Uptrend or Reverse the Trend ?

EURUSD : Daily Chart

EURUSD continue to consolidate within a rising channel on the daily chart and currently testing the resistance at 1.2843. However the gains seems capped as there is another falling resistance trend line which resisted the pair in rising further earlier also. On the other hand the moving averages pattern is also signaling a downtrend continuation. Investors are now awaiting for the release of today’s US economic data ( Building Permits , Fed Chair Yellen Speech, Housing Start and Consumer Sentiment ) for gaining further outlook on the growth of US economy. The uptrend will reverse once the pair breaks below the rising support trend line of the channel.

EURUSD : Hourly Chart

Whereas looking at the hourly chart, we can see that the pair is following an ascending triangle trend which signals a bullish trend and according to which the pair should surge above the resistance at 1.2836. But as we saw on the daily chart the gain seems limited in the long term. On the other hand if the pair declines below the rising support trend line reversing the uptrend to downtrend, the bullish trend will fade away and it will continue to follow the downtrend.