is ready for a breakout following the European Central Bank decision tomorrow. The technical setup is a triangle, and traders are hopeful either the ECB or the U.S. CPI inflation data will pull the pair out of the triangle. Support is at the 1.2130 (channel and triangle support) and resistance is at the 1.2240 level. A break higher would put the channel resistance in view, which comes in well above the 1.2300 level. RSI is also coiled. Tomorrow could be a higher volatility day in currencies.
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