Euro struggles at resistance- Monthly range breakout pending

We first highlighted the threat for topside exhaustion in EURUSD back on May 1st - "Euro has broken multi-week channel support after failing to secure a breach of key resistance at 1.1033/70."

Five-subsequent attempts to breach this range have failed with price testing the monthly opening-range lows today - looking for a breakout of this range for guidance with the advance still vulnerable sub-1.1070.

Initial support unchanged at 1.0874 with bullish invalidation steady at 1.0737- losses should be limited to this threshold IF price is heading higher.

Topside breach would keep the focus on 1.12 & 1.1275.

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Michael Boutros, Sr Technical Strategist with FOREX.com

MBForex