The pair is trading @ 1.3946;yesterday it went down to 1.3830, and than up to 1.4070 area; right now we are probably going back to 1.3900 as the ranging is not over, and I believe it may continue per months; apart from the G8 today some important news will be released in US, and the expectation should make the dollar a little stronger, will see the real data if it will match the expectation; on the 4h chart we are just below the EMA and we just started trading in the lower bollinger band; the RSI is @ 45 and the stochastic is for a bearish continuation; we should have a good support in the area 1.3915-1.3900 so I would buy close to that area.
here are some support and resistance:
R3 1.4429; R2 1.4189; R1 1.4067; S1 1.3827; S2 1.3709; S3 1.3469;
My trading plan:
buy 1x unit here @ 1.3920;
stop loss @ 1.3890 (right after the support area I said before)
target 1.4050;
if stop loss is hit buy again @ 1.3850
stop loss 1.3827;
target 1.4000 or higher;
keep an eye on today news
have a good trading day
:D
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