Though looking bullish since trending above 365MA for quite a while now, this pair has been range bound between price level 1.13280/400 and 1.14330/470 for now 11 straight days. On the 1hr chart, eurusd looks good to long at if it drops to 1.13280/400 level and exit at 1.14330/470 until there's a clear break of the 1.14330/470 resistance. On the other hand, a break back below 1.13000 will likely see eurusd crashing back to the bottom.
However, if viewed on higher time frames like daily and weekly charts, you will find that eurusd has just reached its 1 year old resistance at 1.1400/450 region and which makes it risky to consider long orders for this pair. More so, a closer look at the weekly chart also revealed a clear double bottom chart formation with price just reaching its neckline from below.
EURUSD DAILY CHART VIEW
EURUSD WEEKLY CHART VIEW
RECOMMENDATION
Except you know what you are doing, i will advice you stay away from this pair till it breaks out of that already 11 days old range zone either to above 1.14500 or to below 1.13000. However, scalpers can still enjoy the swing between 1.13280/400 and 1.14330/470 on lower time frames like 1M, 5M and 15M.
Disclaimer: Our trade advice is only informative. #TradeAtYourOwnRisk
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