EURUSD trading plan. We will monitor a bullish triangle resistance around 1.145 for a possible break out towards the 200 monthly SMA at 1.21. On the monthly chart the eurodollar has been ranging between a support around 1.07 and a 61.8 fibo line near 1.12 for nearly seven months. the 200 SMA, that was a clear support around 1.20, has been broken without being retested.
On the weekly, the pair has been trading in a bullish triangle since March this year. The last weekly candle is a solid bullish one, rising from a support line around 1.115. The 55 SMA, which was resistance last time the pair tried to escape its consolidation figure, is now very close to the triangle resistance at 1.145, and a retest of that line will be also a retest of the SMA. Should the pair get there, I will follow price action to eventually buy a confirmed bullish signal.
Should the pair reject that 1.145 level, I will check the triangle lower area, that is between the 1.115 level, where both daily 100 and 200 SMAs are located, and the triangle support trend line near 1,10 for buying signals or confirmed selling signals. The daily chart also show a minor support resistance line around 1.135.