Attached is the 1H chart for EURUSD. The tough ways of trading continues in all the pairs with all of them ranging within specific price ranges making it a nightmare for swing traders and a dream come true for day traders. Like in other pairs, this pair also rose nicely yesterday and went upto the strong resistance at 1.3916.
There has been previous resistance around this area and this proved to be a very tough resistance to break once again. Several attempts were made to break this resistance, as can be seen from the chart, but all of them failed. As you can see from the charts, the subsequent attempts at breaking this resistance was being done at lower and lower volume which means that the buyers were being dried up slowly and once the buyers were all dried up, the price fell.
For today, 1.3916 would be crucial. A clean break of this would lead to higher prices in this pair but unless this price is broken, we should see more downside.
On the upside, the resistance is at 1.3916 and if this does get broken, the next resistance is at 1.4.
On the downside, the support is at 1.38 which is quite a strong support and then at 1.3750.
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