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With news out of the US and the EURO zone today a larger than average range is expected (150 + pips).
1.4100 has become a major short term support zone. A drop below this would signify a deeper correction. A breach of the level would signify a move to 1.4050 and beyond 1.4000 and 1.3950.
A small resistance has formed during early trading at 1.4190. A sustained move above this would target 1.4270 and beyond 1.4320 and 1.4350.
With the price swings narrowing over the past two days a short-term breakout could occur. A move above 96.30, confirmed by a break of 96.40, would signal profit targets of 97.00 and 97.50.
A break below 95.70-95.60 would target 94.90 and beyond 94.50.
News out of the US today at 12:30 GMT.
Forex Trading Analysis written by Cory Mitchell, featured by forexpros.com.
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