The rate is trading @ 1.4061; yesterday it went down to 1.3910 and then it went up to 1.4030 area; this morning we have a continuation of the up movement; today the data about the CPI will be released; for the dollar will be easier to surprise than for the EUR (where the expectation is too high); I think the last 100 pips were just discounting this expectation; if the data will be not so good be ready to sell the pair; in the 4H chart right now we are trading in the upper bollinger band over the up band...and we are trading over the EMA; RSI is @ 64 and the stochastic is bullish; in case the data about the Eur CPI is going to be as the expectation or better be ready for a rally...today may be the last day we trade around 1.4000, stay up to date with data release.
here are some supports and resistances:
R3 1.4240; R2 1.4120; R1 1.4090; S1 1.3970; S2 1.3880; S3 1.3760
My trading plan:
sell now @ 1.4062;
stop loss if EUR CPI is good as expected or it is better;
target 1.3950 or lower if US CPI is better than expected;
have a good trading day
:D
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