EURUSD: Consolidation period
Earlier we talked about the consolidation period of the EURUSD, please take a look at the next chart:
We have one problem though, the consolidation period is not very well defined, so we need to widen up the main support and resistance level. Anyway, we need to wait for the market to break either the support or resistance level to start looking for a trade opportunity.
My Trading Plan:
If the market breaks 1.4858, I will be looking for long trading opportunities.
If the market breaks 1.4593, I will be looking for short trading opportunities.
If the market keeps trading in between 1.4858 and 1.4593, I will do nothing (cant trade this range as it is not very well defined).