Attached is the 1H chart for EURUSD. As is usual nowadays, and i am tired of saying this again and again, we continued to range yesterday as well. Again, with the lack of any direction changing news, this pair was caught in a 120 pips range. It made its way upto 1.4020 and then fell down to 1.3910 and now, as i write, its back up to 1.3975.
This kind of ranging provides us a great way of taking trades and making some easy pips, as long as you use some common sense. Patience and discipline is required for forex trading under all circumstances and thats what is required now as well. Wait patiently for the pair to make its way to the top or bottom of the range and just pick trades in the right direction, with low risk and then you can make some easy pips.
For today, i expect the ranging to continue. The only major news that i can see is the FOMC meeting minutes. This can provide some volatility which might lead to the break of the 120 pip range that we have over the last 2 days but still i expect the pair to stick to the 400 pip range between 1.38 and 1.42.
On the upside, the resistances are at 1.4010 and then at 1.4060. On the downside, the supports are at 1.3950 and then at 1.3910. The SR regions can be easily located by seeing the charts. Just be patient and play the range.
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