Attached is the 4H chart for EURUSD. Yesterday, this pair had a nice small breakout and it went upto the strong resistance at 1.4110. After that, it was faced with a lot of selling and hence this pair broke down and now it trades at around 1.4070.
An important thing to note here in this chart is the bearish pin bar on this 4H chart. It is also from a region od decent resistance which shows that this is indeed a viable pin bar and something to take note of. So today, we have to tread carefully and all longs could be in danger.
Only comforting factor in this is that the price is currently near a very strong support but unless the high of yesterday is taken out, i would expect this pair to slowly move down and again continue to be within the bigger range of 1.38 to 1.42.
For today, on the upside, we have resistance at 1.4110 and then at 1.4160 and then 1.4210. On the downside, the supports are at 1.4060, 1.4000 and then at 1.3960 and 1.3910. For today, i expect some more ranging with bias to the downside.
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