Trading Scenario: There is no change on EURUSD trading scenario since our analysis from yesterday. Bulls & Bears are having tough time at 1.3000 Key Level. Please refer to yesterday post Click Here .
EURUSD is now in narrow 50 pips tight range, which could lead to a big move. We must remember the longer the consolidation, the bigger the move will be.
Important Note: Weekly candle closed as Doji, Last two day's closing candles are also Dojis. Be mindful trading between 1.2900 to 1.3100 range.
Suggestion: Our suggestion is to stay away from EURUSD and see how prices react between 1.2900 to 1.3100 range. We will look for trades once EURUSD breaks above 1.3100 or below 1.2900 level.
Aggressive Trade Suggestion: If price breaks 1.3000 key level and is able to sustain above that, then go long targeting 1.3100 level, where another key test comes into play. At 1.3100 level the daily bearish trendline comes in, where EURUSD will face significant resistance. If it breaks this level, then the road will be cleared targeting 1.3300, 1.3500 & 1.3660
Alternate Suggestion: Consider going short if 1.2900 level is broken targeting 1.2820, 1.2750 & 1.2700
Trend Direction: Bullish
Trend Reversal Level: 1.2725
Key Support Levels: 1.2900, 1.2820, 1.2700, 1.2600, 1.2500
Key Resistance Levels:1.3000, 1.3100, 1.3300