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EURUSD : Still Within the Consolidation Range

(EURUSD : 4 Hour Chart)

EURUSD edges higher today finding support at 1.3592 which seems to be a key support for the pair as the pair experienced support from this level couple of times before also. Although the pair surged the gain seems limited as it is still trading within the symmetrical triangle and the pair found the resistance from the falling resistance trend line of the triangle. Also the German Ifo Business Climate index declined to six month low at 109.7 this month from the reading from 110.4 in May slightly missing the economist’s expectation for an increase to 110.3. 

The 50 day SMA is moving towards the 100 day SMA and might cross above it, if it does that it will signal a bullish trend and the pair will break out from the resistance trend line of the triangle and surge. If not the pair will break down from the support trend line and plunge.