EURUSD forms a falling wedge over the last 6 days (as shown on the 240minute chart). With indicators neutral, an upside break above 1.0942 would signal wedge breakout and offer near-term scope higher towards 1.0986 then the 1.1061 area near 2-month triangle resistance, beneath the 1.1113/1.1128 top area (31/27 July, 2015 highs) which may cap the consolidation. A breakdown below 1.0847 (August 5, 2015 low) would weaken towards 1.0807/1.0818 2-month triangle support zone. Beneath lies the rising trendline (from March 13, 2015 low) currently at 1.0750 ahead of 1.0699, the 76.4% retracement of 1.0461/1.1466 rise.
Outlook:
Short term: neutral
Long term: bearish
