After the US inflation data one could observe a strengthening of the dollar and about 20 pips decline of the EURUSD pair. However a moment later the whole downward move was reversed and the main currency pair moved upwards. Technically looking at the H4 interval, the quotes managed to break above the upper limit of the triangle formation (red dotted lines), making it possible to continue the upward movement. The nearest major resistance lies at1.20. This level is marked with the upper limit of the 1: 1 structure and 50% Fibonacci retracement, as well as the earlier price reaction. On the other hand, if sellers will manage to regain control, the nearest support is located at 1.1835.
EURUSD interval H4. Source: xStation5
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