Attached is the 4H chart of EURUSD. This pair continues to have the same old story of ranging, ranging and more ranging, the only difference being that now, for the past week or so, the ranging has been at higher prices and also the range has started to become smaller and smaller.
This pair has simply refused to fall much below 1.4150 which shows that there is a lot of underlying strength. It is fascinating to watch this pair range so much though i do understand that this could be a nightmare for swing traders.
Unless 1.4150 is cleanly broken and the price continues to stay below that for a couple of hours atleast, i will continue to be bullish on this pair and will continue to buy dips. Any price movement towards 1.4150 should be an ideal opportunity to buy and any move below 1.4150 should be the trigger for us to reverse and go short.
For today, i expect some more ranging with 1.4150 serving as very good and strong support and resistances at 1.4250 and 1.43. It would be interesting to see if this range is broken this week.
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