EURUSD (1.2375): The EURUSD was seen trading slightly bullish on the day as price action retraced the losses from the previous day. The consolidation near the 1.2400 level of resistance continues with the common currency unable to break past this level. The failure to break past the resistance level signals a continued sideways range in EURUSD. To the downside, EURUSD could see a retest of the lower support at 1.2300. The price action also points to a potential ascending triangle pattern with higher lows being formed. Therefore, further gains cannot be ruled out on a breakout above 1.2400 which could signal a move toward 1.2430.
