The EURUSD followed the herd and slipped higher after the FOMC minutes were released. The cross made short work of the 1.25 level and now has its eyes set on the 125.60 level. Things are beginning to become interesting with this pair. Heading into Thursday's trading it will be all about a hold of the 1.25 level. A move back below that price will open up the 1.24 level once again.
When we look at the pair on a daily chart the EURUSD appears to be in a triangle. The top of the triangle is created by a declining daily trend line from last October. The bottom of the channel is created by an ascending trend line that has guided the pair higher over the last month. The pair appears ready to test the triangle confines sooner than later.
Keane Plan: Watching price action around 1.25. A hold favors 1.2560 and a break pushes the pair back towards 1.2440
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