EURUSD: Two possible Breakouts
EURUSD is trapped between the tight range between 1.1300-1.1100. There is no clear indication of the trend yet. Support is at 1.1160 and resistance lies at 1.1230. Breakout of either side will give us further direction. Personally I expect lower boundary to be tested and I expect the breakout towards the downside and the pair can test upper cloud boundary first which lies at 1.1050 and then why not lower cloud boundary later.! I am in favor for Bears as I believe entering long positions from current levels seems risky.
Recommendations: Place new SHORT positions from 1.1200 with stop loss at 1.1240. Take profit at 1.1050
Recommendations: Place new SHORT positions from 1.1200 with stop loss at 1.1240. Take profit at 1.1050
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