Eurusd is currently trading in a 70-pip range between the new down sloping trendline on the 4hr, and the daily neckline resistance that was breached on close of yesterdays bullish bar. Since having pushed down to 1.3420 for a retest of the broken range resistance on the daily, it appears that the move might have been just that a retest. In terms of direction from here, I am watching the 4hr down trendline for clues. If it price closes strongly above the line, in the 1.3640 region, the bias, in my opinion will have changed from neutral to bullish, and I would not rule out a further run towards daily resistance at1.3800s. However, if the support at 1.3540 gives way, I would expect a retest of 1.3480, which in turn needs to crumble to make way for the daily support at 1.3440.
I am not holding a position on this pair at the moment, because I prefer to wait for a clear breakout before I initiate a trade. I am open to whatever happens, and then, I will make my move.
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