EUR/USD Price Analysis: Trapped in a 40-pip range
|EUR/USD is being squeeze in a narrow range since Wednesday's early European trading hours.
While the upside has been capped around 1.2150, the bears have failed to push the pair below 1.2110. A breakout/breakdown from the newfound range would open the doors for at least a 40-pip bullish/bearish move.
A range breakout looks likely as the MACD histogram has turned bullish for first since December. Further, the 40-pip looks like a bullish continuation pattern when viewed against the backdrop of Tuesday's upward break of the descending trendline connecting Jan. 6 and Jan. 29 highs.
A move above 1.2150 would expose resistance at the Jan. 22 high of 1.2191. On the flip side, a break below 1.2110 would shift risk in favor of a drop toward 1.2050.
Hourly chart
Trend: Bullish
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.