Watch for a Possible Reversal in EURUSD

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The euro currency remains in an overall consolidation. However, price action is supported by the rising trend line which has held up on previous occasions.

For the moment, a reversal off the trend line could potentially mark a small inverse head and shoulder pattern near the highs.

This could mean that a reversal around 1.1855 could lead to a retest of the recent resistance level near 1.1886.

A successful breakout above this level will push the EURUSD to close firmly above the 1.1900 major resistance level.

Such a move will open up the euro to target the 1.2000 handle next.

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