Looking at EURUSD’s Chart, we can see that it's been trading in a channel for the majority of the past 7 days, between support of 1.095 and overhead resistance of 1.104, moving steadily and consolidating. Earlier in today’s session, there was a 1.3% spike up from the 1.10 range where it was trading to the high of 1.114. Since then, it retracted to 1.108 where it formed a bottom and started moving higher, close to the 1.114 high. It was last found trading at the 1.112 range having the closest temporary support at 1.108 and 1.114 acting as the closest temporary resistance.
Today we can expect a short-term pattern continuation, leading to another breakout above the 1.114 closest temporary resistance level.
If however, it doesn’t manage to consolidate or move higher than a pullback at and below the 1.108 temporary support level.
(Click on image to enlarge)
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