Attached is the 1H chart for EURUSD. Yesterday was quite a tough day for trading with the price going back and forth with no clear direction of the trend. I think that was due to a great fight between the bulls and bears trying to pull the price in their direction and i guess the bulls won finally.
There was a very good retracement back into the low 1.38s and we also saw a break of support which led me to believe that there would be a further downtrend. But the price came right back to support turned resistance and broke it back again and settled nicely above the support now.
On the downside, there is strong support at 1.39 and then 1.3860. If this is broken, then we have support at 1.3824 and i do not see price going below this.
On the upside, as before, there should be some very strong resistance at 1.4 and then 1.4050 and if 1.4050 does get broken, we should see price shoot up close to 1.42.
For today, i would expect a slight retracement into the low 1.39s and then i would expect price to get near 1.4 and the PA there would determine whether there will be a further uptrend.
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