Learn to Trade: EURUSD Looking to Breakout Today!
Today’s FOMC statement at 2pm EST, could send the EURUSD to break out of the recent trading range between 1.1610 or above 1.1710.
Or if nothing new is added by the Fed the pair most likely will continue to consolidate in the current range.
Trade accordingly
- If eur/usd breaks - trade with the break.
- If eur/usd continues to consolidate sell the high of the range and buy the low of the range toward 1.1610.
You can also play it safe by waiting for a daily close below 1.1610 support or above 1.1710 resistance.
Yeah!!! Really nice breakout on the USD
Watch out! Could be a trap. Look how price traded up to the resistance level noted above and backed right way from it. You need a break above 1.1710 level to signal a breakout.
And now we are trading above the resistance of 1.1710 confirming a breakout!
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Hey Jordan,
I have EUR/USD resistance holding. It might be a little premature, but while the risk:reward is there, I'm happy to start building a short position.
What's your bias for direction now?
I am staying with a long bias after yesterday's range breakout unless the upper channel support on your daily chart fails. Link in comment above.
Breakout holding with EURUSD trading near the highs of the week into the close on Friday. Follow the levels and do not try to sell the highs or buy low.
Have a great weekend everyone!