Topic: EUR/USD: still range-bound upside bias, Technical Analysis Liga Forex

The EUR/USD pair continues moving within a range-bound consolidation which began on the 4th July. The exchange rate pulled back temporarily after spiking higher yesterday and almost reaching the range highs.
http://blog.forex4you.com/wp-content/uploads/2014/07/EURUSD15.png

Due to the fact that the mid-term trend is bullish, the pair will probably eventually breakout to the upside. There is, however, formidable resistance lying directly above from the 50-day MA and the 200-day MA at 1.3645 and 1.3675 respectively. Even if these obstacles are cleared the major trend-line drawn from the 2008 highs is situated at around 1.3695.

Therefore, for a strong continuation signal higher, I would want to see a break above 1.3715, confirming the clearance of the 2008 trend-line. This would then target the R1 pivot at 1.3760.

Analysis by: Liga Forex Analyst