EUR/USD July 9th

The pair is trading @ 1.3920; yesterday it went down to 1.3830 area and than it went back to 1.3915 area; yesterday low is an old low, so it means that the pair failed the break that resistance; in the 4h chart we can see that since July 1st we are having lower high and lower min; it's important to understand if the overnight retracement is just a retracement and so a trend is starting, or there is no space for a real bearish trend and so will continue ranging with target over 1.4050; the last candle touched the middle band of bollinger, but right now we are trading in the lower band, also below the EMA; RSI is @ 45 and the stochastic may support a bigger correction; except for the G8 today there are no real news that should surprise and influence the rate;

here are some support and resistance:

R3 1.4117; R2 1.4007; R1 1.3963; S1 1.3853; S2 1.3787; S3 1.3677;

my trading plan:

buy here @ 1.3926 if you think more ranging will happened;

stop loss 1.3853;

target 1.4050 or higher;

or sell here @ 1.3926 if you think a trend is starting;

stop loss 1.3963;

or wait and take decision when everything will be a little more clear;

I would say we are in no trading zone;

have a good trading day

:D