EURUSD on a tight range waiting for the CPI/ Fed break-out!
The EURUSD pair has been within a narrow Triangle range since November 30 after breaking above the 4H MA50 (blue trend-line), which held it as Support while establishing 1.0600 as its Resistance.
It appears that it is waiting for Tuesday's U.S. CPI and Wednesday's Fed Rate Decision before making a move. That should be the break-out that we should trade and from a first look, below the 4H MA50, expect a fall to the bottom of the Channel Up, while above the 1.06135 (June 27 High) Resistance, a bullish break-out to the 1.07925 (May 30 High) Resistance and the top of the Channel Up.
If selling gets escalated, then we are willing to sell only after a candle close below the 1D MA200 (red trend-line) and target the 1D MA50 (yellow trend-line), which constitutes the most optimal long-term buy entry.
Notice also how the 4H RSI is also about to break out of its Triangle pattern that has been trading in since November 03.
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It appears that it is waiting for Tuesday's U.S. CPI and Wednesday's Fed Rate Decision before making a move. That should be the break-out that we should trade and from a first look, below the 4H MA50, expect a fall to the bottom of the Channel Up, while above the 1.06135 (June 27 High) Resistance, a bullish break-out to the 1.07925 (May 30 High) Resistance and the top of the Channel Up.
If selling gets escalated, then we are willing to sell only after a candle close below the 1D MA200 (red trend-line) and target the 1D MA50 (yellow trend-line), which constitutes the most optimal long-term buy entry.
Notice also how the 4H RSI is also about to break out of its Triangle pattern that has been trading in since November 03.
-------------------------------------------------------------------------------
** Please LIKE π, SUBSCRIBE β , SHARE π and COMMENT β if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME πββοΈπββοΈ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! ππ
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