Euro consolidates near trend Line and horizontal support

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The euro currency is trading consistently close to the confluence of the rising trendline and the horizontal support level at 1.0823.

Price needs to close above this level for any form of upside bias to build up. The initial upside target is at the 1.1000 level.

Following this, the ascending triangle comes into play. This gives the euro an upside target near 1.1200.

However, if prices break down below the trendline, we expect to see the ascending triangle invalidated.

This will see prices potentially falling to previous lows of 1.0691.

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