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EURUSD : Might Rise But Gains Still Limited

EURUSD : Hourly Chart

On the hourly chart, EURUSD seems like trading within the symmetrical triangle and might break out from the resistance trend line of the triangle as signaled by the 50 day SMA crossing above the 200 day SMA. But the gains would be limited as the trend remains bearish as seen on the 4 hour chart. 

EURUSD : 4 Hour Chart

On the 4 hour chart, there is a falling resistance trend line which is preventing the pair in rising further. The pair might rise until it reaches this resistance. It has also crossed above the 50 day SMA signaling a little bullish bias on the pair. On the other hand demand for US dollar continue to be supported amid the expectations that the Fed will wind up the stimulus program by October and start raising interest rate by the mid of 2015. So the pair might decline tomorrow from the resistance trend line. A break above this resistance trend line will give a bullish signal until then the bearish trend dominates. The pair might decline below the support at 1.2880 if Fed give a statement as expected tomorrow.