EURUSD Rally Blocked by 1.1290

//EURUSD Rally Blocked by 1.1290

On Monday, we looked at a descending channel on EURUSD that was likely to send the pair higher. However, buyers still had work to do. The euro was trading in the middle of that channel, and it was unclear whether we’d get a retest of channel resistance or 1.1150. Fast forward to today, and the EURUSD is leaning on channel resistance near 1.1290. That’s the level that buyers need to break to send prices higher. Just keep in mind that we need a daily close (5 pm EST) above 1.1290 to confirm the breakout. Until then, this consolidation will continue. If buyers can secure a daily close above 1.1290, it would open the … (full story)