EURUSD 1.1130: – Triangle resistance reverts to support

EURUSD found support at 1.1016 (August 18, 2015 low) near the former 2-month triangle resistance, now support, and 50% of the 1.0847/1.1213 rise. Subsequent strong rebound signals basing and shifts the focus to 1.1213 for a retest. Clearance above there would challenge 1.1277 (near 76.4% of the 1.1435/1.0807 fall) ahead of the 1.1385 area (near falling trendline from May 15, 2015 high). Only a reversal below 1.1016 would negate the bullish scenario and weaken towards 1.0942 initially.

Outlook:
Short term: bullish
Long term: neutral