EURUSD (1.1796): The EURUSD was trading subdued with price action quite limited. However, the common currency is seen holding up near the 1.1800 level. This tight price action could potentially signal a breakout in the near term. While price action continues to trade in the ascending triangle pattern, there is also a potential inverse head and shoulders continuation pattern forming near the top. Neckline resistance is seen at 1.1825 on the 4-hour chart. A breakout above this level could potentially push EURUSD to the upside, initially to test the previous resistance at 1.1882. Further gains can be expected on a breakout above this level.
