EURUSD - Trade Idea - 16th July 2017

Nothing immediate on this pair but if EURUSD breaks out of the consolidation zone we could see some good opportunities.

Monthly has obviously been in this bearish descending channel and over recent months nothing but consolidation in this 1.14500 & 1.05000 zone.

Momentum over recent monthly candles has been incredibly bullish and we've seen price over recent months finally close and hold above the 20EMA, the next test could be at the 50EMA which would be a breakout of the consolidation zone.

Weekly candle closed out bullish and no decelleration just yet.

A cross over of the EMA's has occurred for the first time in many months.

Next obvious test is the 200EMA which aligns with the Monthly 50EMA before next resistance level of 1.180.

Only concern is this could be a fakeout across the USD pairs and price will need to pullback towards value of the 20 & 50 EMA's, but this looks to be the first time price could actually hold above 1.14500

Looking closer into the Daily Timeframe, price has made multiple attempts at breaking 1.14500 but has failed and not officially broken the level.

Needs further development so no trade just yet.

Will be eyeing this up to see if a breakout can occur and will be looking for a pullback to test as support at 1.14500 zone.

The opposite view point is if price can not break this level and it's a bull-trap, then I'll be looking for the Daily Ascending Trendline to break and retest for a short opportunity off of this level.

At the moment, my bias is bullish & long but nothing tradeable just yet.