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EUR/USD breaking out from triangle formation
EUR/USD is in the process of breaking higher from a triangle formation this morning, with price passing through a descending trendline that has been formed over the past three trading days.
While this is a bullish signal, the key is to break through the first swing higher, with an hourly close above $1.1091 providing a bullish short-term signal.
Subsequent resistance levels in view are $1.1111, $1.1131 and $1.1180. Alternately, a closed hourly candle below $1.1049 would provide a bearish outlook for a move towards the next support levels around $1.0971 and $1.0911.