Attached is the 1H chart for EURUSD. Yesterday, this pair had a very nice drop after it touched one of the major resistances close to 1.42. I have attached the 4H chart for this pair as well. In this, we can clearly see the pin bar at the top. Pin bar from a region of resistance after a swing high. A perfect setup to go short. And as you can see, we had a nice drop from the top.
This drop continued after the news as well and of late, we find that the price has not bounced nicely from the support at 1.3920. Beautiful price action, nothing else.
As for today, i would expect some more recovery in the price of EU and expect some more ranging during the day. I would be very surprised if 1.3920 is broken and so, any approach to 1.3920 would be an excellent place to go long.
On the downside, we have supports at 1.3920 and then at 1.3880 and then 1.3830. On the upside, we have resistances at 1.40 and then 1.4050 and then at 1.41. Hmmm...Dont we seem to be at the same place where we were a couple of days back ? Same place, same SR. More Ranging !!
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