Since September 4 EURUSD moves in an upward channel. Last friday was break above the resistance at level 1.1305, but the bulls joy did not last long because already the next day the price back below resistance. In upcoming days it should be test the lower limit of the channel on 1.1270 and rebound. The target of the rebound will be the level 1.1370 which is the local maximum. High volatility on EURUSD is to be expected on Thursday, after the Fed’s decision on interest rates.
Wider view – interval D1
Since the beginning of the year EURUSD moves in the triangle. In late of August there was an attend to break above the triangle, which ended with a fakey and price returned to the interior of the triangle. The last dynamic upward movement was ended on 24 August at the level of 1.1710. We saw a corrective decrease from that level, which stopped at the 88,6% Fibonacci retracement of last upward move. If the price will keep in area of the upper limit of the triangle it will increase the chance of successful break of resistance and move upward.