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EURUSD : Still Consolidating Within Rising Channel, Short Term Gains Expected

EURUSD : 4 Hour Chart

Nice jump in EURUSD seen today on the 4 hour chart after the downbeat US data. The pair even tried to decline below the rising support trend line of the channel, but the pair again came back within the chart and surged above the resistance at 1.2774. However it was not able to hold gains above it and declined from this resistance. As the pair still above the rising support trend line we might again see the pair surging above the resistance at 1.2774. There also seems to be an ascending triangle trend according to which the pair should surge from this resistance level. If the pair is able to hold gains above this resistance, we might see the pair surging towards the next resistance levels at 1.2825 and 1.2888. Tomorrow’s Euro zone and US data might also provide some direction to the pair.

EURUSD : Daily Chart

On the daily chart, we can see that the immediate resistance is at 1.2851 and if it breaks above this resistance, next resistance would be at 1.2988. However if it declines below the support trend line, the uptrend will fade away and the pair will continue to follow downtrend finding nearest support at 1.2578.