Attached is the 1H chart for EURUSD. As expected yesterday, this pair continued to range for the whole of yesterday. There was nothing yesterday that could trigger a break of this range and this range seems very very strong for now. This pair ranged between 1.4010 and 1.3900. This makes it a nightmare for swing traders and a dream come true for range traders.
Anyway, for today, there is a bit of major news which is to be released from the USA. I expect this to cause increased volatility and this pair might test the extremes of its range today as a result of the news today. It remains to be seen whether it can indeed break the range today but i do not expect it to be broken. For the past many weeks, this pair has been trading between 1.38 and 1.42 and i expect this to continue today as well.
On the upside, as yesterday, the resistances are at 1.4010 and then at 1.4060, 1.41 and 1.4160.
On the downside the supports are at 1.39, 1.3855 and a strong support at 1.38.
I expect the ranging to continue today as well.
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