EURUSD (1.1982): The EURUSD closed with some minor gains yesterday, and price action is looking to retest the 1.2058 resistance level once again. The strong consolidation near this resistance level suggests that the bullish momentum could be intact. The reversal near the minor support at 1.1936 shows a potential cup and handle pattern in the making. Price needs to break out above 1.2058 in order to push higher. This also puts the minimum upside in EURUSD towards 1.2180 – 1.2200. However, in the event that EURUSD fails to breakout above 1.2058, we can expect the consolidation to keep the currency pair trading flat within 1.2058 and 1.1882 levels of resistance and support.
