EURUSD (1.1733): The EURUSD closed with modest gains by Wednesday’s close as price action closed back near the daily resistance level of 1.1730. With price still at the resistance, a breakout off this level is required to maintain the upside. The daily chart is showing the consolidation shaping into a triangle pattern. On the 4-hour chart price action is forming an inverse head and shoulders pattern with a minor neckline forming at 1.1742. A breakout above this level is required to push the currency pair toward the 1.1846 – 1.1824 level of resistance in the near term. Alternately, failure to break past the neckline resistance could push the currency pair back to 1.1688.
