Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. As written in my blog some days back, EU was indeed in a strong uptrend and has managed to reach 1.3650. It has a huge resistance at 1.3672 and it has been struggling to overcome that for the past 3-4 days. It did make its way to a small support at 1.3550 and now it is caught between the range at 1.3550 and 1.3672.

This ranging could continue for some more time and we could see a breakout later on. As can be seen, there is low volume when price goes down which shows lack of interest in lower prices and so EU should hover around 1.36 and should not go down by much today.

For today, there is strong support at 1.3550 and break of that could lead to 1.3489 and then a strong support at 1.3428 and i dont see this pair breaking down below that. On the upside, there is strong resistance at 1.3672 and with no major news today, i dont see this pair breaking this resistance today.

Expect more ranging today. I am back from vacation just today and have not yet developed a full feel for the market yet. So excuse me if some of my analysis is not right for today.