This post is a heads up to be watching the Eur/Usd because the pair made a significant drop down early in the week and since then has been consolidating. The price has been in a tight range and the range is getting smaller indicating that a breakout should occur soon. It is possible that the pair could break out in the upcoming Asian, Europe or New York sessions before the end of the week.
1hr chart *note click the chart to learn about the premium service
The chart above shows the tight range we have been trading in since the large drops early in the week. the moving averages are running together which shows visually that the price is not trending at this point but is stuck in a tight range.
The high of this current range is 1.4783 and the low is 1.4667. My thoughts are that the pair will drop through the lows and hit the support of 1.4626. Read more about that in the previous post.
Friday has some market moving news that you should be aware of before you begin trading.
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