Article originally published on innerfx.com and republished here with permission
Quote of the day:“Train yourself to let go of the things you fear to lose.” ~ George Lucas
Good morning. Yesterday I wrote an article on Breakout trading, so in case you missed it – you may want to check it out. There are some more things I’d like to add so I’ll continue the article in the next days. Now let’s see what are the interesting charts to start the day – ahead of FOMC Meeting Minutes, most important event of today’s FX Calendar
The pair is little change since yesterday, sentiment being pretty much the same since a few weeks ago – no decisive moves, mostly range bound, rallies short-lived at or below several resistance levels. I for one don’t see a strong reason (right now) why euro’s recovery should extend (much) further.
Zooming in: hourly chart looks better as there’s a possible short scenario if price breaks below 1.4500 support
Price is pulling back at time of writing after yet another good run to the upside. Support around 1.0600 is probably a good level to look for buying opportunities later, if we get there
There are several clues of weakness seen lately and the cross is now trading below support. Selling on corrective rallies towards 1.37 is a plan to consider