The EURUSD pair has been trading in a close to 400 pips range since the beginning of August. The major support and resistance of this range are:
Support: 1.1700
Resistance: 1.2100
Today, I am looking at the 4 Hour chart. It looks bullish based on a few factors:
- The price has just bounced off the major support level at 1.1700
- There was a large bullish engulfing candlestick on the 4 Hour chart.
- There was a bearish rejection candle on the daily timeframe two sessions ago
The next resistance level is at 1.1900. I won’t be surprised to see a rise to this level in the imminent future. A hypothetical good entry could be the level of 1.1750.
I will be looking for more confirmation from the lower timeframes.
Happy Trading,
Guest post by Colibri Trader
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