Attached is the 1H chart for EURUSD. Yesterday, it had been pointed out that 1.3920 would be the crucial price and any break of that would lead to higher prices. Thats what had happened. We had a nice break of 1.3920 and then we saw price moving up very fast. It looks like we are getting close to the day when the range, which has been there for the past couple of weeks, might be broken.
So, we have had price move through resistances at 1.3920 and then 1.3980 and a psychological resistance at 1.4. This pair now looks good for more.
There are lot of resistances very closeby and it would take a lot of wood to be chopped for it to keep moving higher. On the upside, we have resistances at 1.4070, then at 1.41 and then at 1.4130, all of which are quite strong resistances. Then we have the major resistances at 1.4230 and at 1.4330.
On the downside, we have a very strong support at 1.3980-1.4 and i do not expect this support to be broken for today. If it indeed does get broken, then we can see price moving down to 1.3920 again and again we can see the start of some more ranging !!
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