EURUSD (1.2008): The euro currency posted steady gains for the past five consecutive days with price action breaking above 1.1954. On the 4-hour chart, the inverse head and shoulders pattern that was formed has been validated and price action is likely to rally towards 1.2060 which marks the measured move. However, the rally to 1.2060 will be critical as it coincides with the resistance level that was previously tested. Failure to break out above this level could keep EURUSD trading in the range. To the downside, price action will need to push lower towards the 1.1882 support level. A break down below this support will push EURUSD to new lows and possibly the correction. To the upside, 1.2200 will be the next target on a successful breakout above 1.2060.
