EURUSD (1.1636): The euro currency managedto post modest gains for the third consecutive day. However, price action was seen trading rather subdued. Price action on the 4-hour chart shows the EURUSD still trading with the adjusted descending triangle pattern. With strong support established at 1.1540, we expect to see a potential upside breakout. As the common currency trades in the resistance area of 1.1656 – 1.1626, we expect a potential upside breakout above this level. However, to the downside, the EURUSD will need to break below the strong support to push lower to 1.1418.
