EURUSD: Will it break the range?
The EURUSD has been trading in a not very well defined range, making it almost impossible to swing or position trade this pair. Right now it is trading just at the top of that range, if it breaks it, it has a long way to go to the next long term resistance level. Please take a look at the next chart:
The major resistance level is marked by the solid blue line, the green lines mark the short term range that the EURUSD needs to break before we start looking for trading opportunities.
Here is my Trading Plan:
If the market breaks the 1.4345, I will start looking for long trading opportunities. The next resistance level is around 1.4653.
If the market keeps trading below 1.4345, I will do nothing.