Attached is the 4H chart for EURUSD. This pair, along with other associated pairs, finally had a breakout after so much of ranging over the past many many weeks. The fact that this breakout has come after so many weeks of ranging shows that this pair could go up even further in the short term.
The most surprising thing about yesterdays move has been that the moves have come without even a semblance of any retrace at all. Normally, big moves are followed by some good retraces to about 50% of the entire move but we did not have any retrace of the move yet. This could be a signal of the strength of the move.
Today, on the upside, the next major resistance is at 1.4440. If this major resistance is broken, i dont see anything that is going to stop this pair from reaching 1.46. On the downside, this pair has support at 1.44 and then at 1.4350 and then 1.43.
For today, i would expect some more upside but at a lesser pace as compared to yesterday.
thanks. let s see what will happen finally till Thursday.
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