The rate is trading @ 1.3980; yesterday after a bottom at 1.3900 area it went up to 1.4010. for today we have some data release, and those are expected positive for the EUR and a little bit better for the USD; will be interesting to see how the market react to every data release; right now the EUR should be stronger the USD so we may see the rate going further up, probably testing the 1.43 area or we may see a continuation of this ranging period, that could last a year. for today on the 4h chart I see the RSI @ 54; the stochastic need a break...some bearish moment, or just a correction; the pair is trading over the EMA and it is trading in the upper bollinger band with a diminishing variance...today is a day for a big movement.
here are some support and resistance:
R3 1.4396; R2 1.4195; R1 1.4087; S1 1.3886; S2 1.3793; S3 1.3592
My trading plan:
I will buy 1 unit @ 1.3900
or
I will sell 1x unit @ 1.4100
target 100 pips or best solution;
have a good trading day
:D
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