EURUSD Stuck in a rectangle, eyes on US CPI
US Core CPI will be released at 12:30 GMT
H1 CHART TIME FRAME:
Stuck in a narrow range of 40 pips. Rectangle Pattern.
On the Downside: 1.23000,1.22700 and 1.22400 are the support levels.
On the Upside: 1.22590, 1.23900 and 1.24200 are the resistance level
H4 CHART TIMEFRAME:
RSI NEUTRAL
ABOVE EMA 200, TESTING EMA 50 AND EMA 100 RESISTANCE
Conclusion:
US CPI may give us a fresh direction to trade. We must wait for the breakout of the rectangle and enter a trade in the same direction of the breakout.
H1 CHART TIME FRAME:
Stuck in a narrow range of 40 pips. Rectangle Pattern.
On the Downside: 1.23000,1.22700 and 1.22400 are the support levels.
On the Upside: 1.22590, 1.23900 and 1.24200 are the resistance level
H4 CHART TIMEFRAME:
RSI NEUTRAL
ABOVE EMA 200, TESTING EMA 50 AND EMA 100 RESISTANCE
Conclusion:
US CPI may give us a fresh direction to trade. We must wait for the breakout of the rectangle and enter a trade in the same direction of the breakout.
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