Daily Outlook for EURUSD

Attached is the 4H chart. This chart clearly shows how this pair has been caught in a very tight range for the past couple of days. In fact, this pair has moved about 20 pips in the past 2 hrs !! As was predicted yesterday, this pair has been tightly ranging so far.

A very important thing to note here is the fact that this pair has refused to fall even after a couple of days which is different from the scenario that existed the last few times when it reached this price. In fact, everything looks so much set up now for the next move past the tough 1.42s which has a lot of resistances in between.

It is very clear that unless 1.4160 is broken on the downside cleanly and with force, this pair will continue to move up. So, any approach to 1.4160 can be easily and safely bought until this support is broken.

For today, buying dips would be the best way to go as far as this pair is concerned. There is a couple of major news to be released today which could determine the next direction of this pair. For today, on the downside, there is support at 1.4160 and then at 1.41. On the upside, 1.42s is full of resistances and previous highs with resistances at 1.4240, 1.4275 and then 1.43. Buy Dips !!