Attached is the 4H chart for EURUSD. This pair now seems to have got very interesting. The bounces have become higher and higher. This is a very important point to note. Previously, when there were llots of ranging, this pair was bouncing between 1.38 and 1.40. Then , after a few weeks, the bounces happened between 1.4 and 1.42. But lately, we can see that this pair has not gone below 1.4160.
All this shows that this pair is having higher bounces and getting ready to break upwards. We can also see that USDCAD and USDCHF are about to break through long pending supports and we can also see that GU also has started approaching the top of its range. Pairs usually move in unison and by the looks of it, all the pairs now seem to be setting up to move through their very strong supports and resistances.
I have been advising to buy dips on this pair and the same advice holds good today as well. If we do see a break of the resistance at around 1.43, wait to confirm the break and go long. Any approach to 1.42 would also be a good opportunity to go long.
The supports for today exist at 1.4221, 1.4160 and then at 1.41. The resistances for today exist at 1.4280, 1.4330 and then at 1.4360. I guess we are setting up for a move to 1.45 and then to 1.46.
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