The answer to that question is, when the market decides it is time, that is when. The determining factor in a break out may be a build up of news in the specific currencies favor. However when the news is mixed and there is no clear strong currency then the market will make the decision and it will move its course. It is important for traders to be aware of the news that moves the market.
When the price is in a range it is easy to buy and sell on support and resistance levels. I identified the range in my last post and you can review that here.
I have also identified the support and resistance areas in the current channel so you can see that if you entered on a bounce of those levels it would be a profitable trade. There are often times when it is possible to trade in a channel for several weeks at a time.
4hr Chart *Note click on the chart to learn about our premium trading system
I use Forex Crunch to keep up on all of my trading news for all of the major currency pairs.
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