EURUSD Triangle Break Looms

The euro currency has moved marginally higher against the US dollar during the European trading session after German GDP data came in as expected. The EURUSD pair is currently trapped in a neutral triangle pattern, indicating that a directional breakout remains likely. It is also worth noting that a bearish head and shoulders pattern has formed across the lower time frames.

The EURUSD pair is only bullish while trading above the 1.1553 level, key resistance is now found at the 1.1588 and 1.1630 levels.

If the EURUSD pair falls below the 1.1553 level, key support is now found at the 1.1538 and 1.1500 levels.