EurUsd is approaching important resistance

Since the start of the year, the price action of EURUSD has been clearly confined within a descending triangle, with a base formed at 1.07. Recently, the pair reversed once again from this crucial level and, at the time of writing, is trading at 1.0856, close to the descending trend line of the triangle.

A rise towards the 1.09 resistance level could provide bears with a favorable entry point for a new drop towards support.
However, the negation of this scenario occurs if the price closes towards 1.1 on a daily basis.

Trade geschlossen: Ziel wurde erreicht:

EurUsd dropped strongly yesterday and reached support level