EUR/USD Major Range in Play no Breakout Yet

The EUR/USD is fully rangebound. We can see that the price is going sideways in the form of rectangle which indicates no real trend.

Although the EUR/USD might seem slightly bullish there are 2 major zones to pay attention to. 1.1370-1.1260. No breakout yet as the pair is sold from the top and bought at the bottom. If we see a breakout above 1.1370, next target is 1.1432 and below 1.1260 next target is 1.1162. At this point it’s getting close to resistance and it might drop. Median point is 1.1298 so intraday traders might look into the level for some quick scalps.

The Analysis has been done with the CAMMACD.Core and Sit Systems

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This article was originally posted on FX Empire

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