The EURUSD hasn’t been trading in a very well defined range, that is probably one of the reasons I haven’t been posting much about the EURUSD, but believe me, there are other currency pairs with clearer market conditions (until now). Here is the hourly chart:
The first thing you’ll notice about the EURUSD is that the short term range is not defined, the market doesn’t get rejected from consistently from the same level, sometimes it seems to get rejected at random levels, that’s not good for us, that way we don’t have “safe” places to take our trades.
Things might change though, with the breakout of the range, the EURUSD will trade again in a bullish market condition, and the next LT level is at 1.2999, so there is plenty of room before the market gets there.
Tags: EURUSD Analysis