Attached is the 1H chart for EURUSD. This pair had a huge fall last week with the USD getting stronger against all major currencies. Now this pair has entered into a region of high traffic. Going back in the charts , we can see that this region is highly congested with a lot of supports and resistances and with a lot of buying and selling going on.
On the downside, we have had a nice bounce on this pair from the support at 1.3916 and this pair has risen quite a bit over the last few hours. We have supports at 1.3960 and then a major support at 1.3916. I would be very suprised if this support is broken today.
On the upside, we have resistance at 1.4038 and then another major resistance at 1.4110.
For today, i would expect some ranging between the support at 1.3916 and 1.4110 and with no major news on any pair today, i do not expect a breakout from these SR regions. So, it would be a good idea to play this range today.
keep up the good work as it is interesting to compare your notes
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