Attached is the 1H chart for EURUSD and so far, there seems to be no stopping this one way train. Even the retraces that take place are quite small showing how much strength is there in this pair. So where will it stop ?
Looking at the hourly charts, there does not seem to be any resistance in sight !! But 1.40 could prove to be a strong psychological resistance. Not because of any great previous resistance but just because its a round number. The daily charts also do not show any major resistances on the upside and we have to move to the weekly chart to find any resistances. Just shows you the power of the move so far. It would be interesting how this week ends up and that should give us an indication of the future direction.
On the upside, there should be some resistance close to 1.4 and if that manages to be broken succesfully, then the next resistance should be 1.4160.
On the downside, the support is at 1.39, then at 1.3875 and then at 1.38. Looking at how far it has gone up so far, i would expect a retrace in this pair to around 1.38 and the PA there should determine the next direction.
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