Attached is the 1H chart for EURUSD. As was predicted yesterday, the price broke through 1.3920 and made a big run up. It did face a huge resistance near 1.4 but it did manage to break through that as well after the US news was released.
The main point to note here is that this pair has now taken out 1.40 and also 1.4038 which had been a previous high as well. It now faces some resistance at 1.41.
I expect this pair to go down to 1.4038 which should now serve as good support and then expect it to move through 1.41 and then further upwards. I would long this pair if and when it reaches 1.4050.
On the upside there is reistance at 1.41, 1.4160 and then at 1.4221. On the downside there should be good support at 1.4038 and then at 1.40. I do not expect this pair to go down below 1.40 today.
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