EUR/USD gets ready for a breakout
Read the article on FBS website
Trade ideas
SELL 1.1155; TP 1.11; SL 1.1170
BUY 1.1255; TP1 1.1295; TP2 1.1340; SL 1.1235
EUR/USD is consolidating in a sideways horizontal range with a slight bearish bias. Consolidations like this are always followed by breakouts. It’s necessary though to put the entry levels at a reasonable distance from the current price so that a slightly broader consolidation doesn’t accidentally trigger the order.
Although EUR/USD rebounded from support in the 1.11 area last week, the 100- and 50-day MAs in the 1.1220/40 area seem like a hard obstacle for bulls. An advance above the last week’s high (1.1250) is needed to open the way for a bigger bullish correction. The downside, on the other hand, is guarded by 1.1160.
