EUR/USD continues to move between the bands of the channel. For the third consecutive day, the lower band, which rises each day by approximately 15 pips, supports and holds any break down attempt. As for today the lower band of the channel is at 1.389.
Our trading bias for today is neutral. We will wait for a break below the lower band of the channel to enter short positions or to a break above the resistance area of 1.401 to enter long positions.
Best levels to enter SHORT positions are between 1.387 and 1.388. Long positions should be taken should the pair break above 1.401. In such case, the stop loss will be placed at 1.397.
Analysis by Signal Trader – the leading solution for Autotrade on Forex, Indices and Commodities.
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