EURUSD at key resistance of 1.135. Candles from the last 5 days continued to form lower highs and higher lows, which resulted to the formation of a triangle on the D1 chart. We can expect a breakout to happen in the near future. Price was seen exhausting at 1.133 after it had been resisted at 1.135, and continued to trade above the Fibonacci Extension of 200.0% at 1.130. Later in the day we would be expecting the release of Spanish unemployment change. Although a smaller drop in the unemployment would be expected, an increase in the unemployment would affect the pair and we may see the fall in price.
Price was seen trading between 55 EMA and 20 SMA. ADX indicated the drop in market strength as the price started to exhaust at 1.133 prior to the Spanish unemployment change release. Stochastic shown that the market is more bias to the overbought zone as the price continued to trade slightly bullish sideways. 55 EMA and 20 SMA acted as the most immediate support and resistance.
As the market price continued to trade slightly bullish sideways, above the Fibonacci Extension Level of 200.0%, MACD was also seen to be in the buy zone above the level 0. ADX indicated the increase in market strength towards the upside as the price continued to move towards the 200 EMA. As there would be a news release later in the day, it would be advisable to reassess your current trading plans and positions prior to the release.