The euro traded with a tailwind against the U.S. dollar pushing EUR/USD slightly above the 1.2250-resistance.
Is it time for a breakout?
Maybe, at least when looking at the EUR/USD chart in shorter time frames. Prices narrowed and are formatting a symmetrical triangle in the early morning hours that could predict upcoming price breakouts. A sustained break above 1.2260 could revive bullish action and lead to a test of 1.23. Above 1.2315, the euro may head towards 1.2380 but given thin liquidity conditions this week, traders should not expect big gains. On the downside, if the euro falls back below 1.2235, we may see a correction towards 1.22 and 1.2160.
GBP/USD – Trading boringly sideways
Traders in the cable had nothing interesting to tell lately with the pair being confined to a sideways trading range between 1.4235 and 1.41. We will wait for prices either above 1.4250 or below 1.4070 in order to set new price targets.
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