EUR/USD: Getting Into Breakout Mode?

There was nothing to gain for daytraders with volatility remaining at very muted levels.

The EUR/USD was stuck in a narrow trading range but while the pair may continue to consolidate ahead of tomorrow’s ECB decision, we see chances of upcoming technical breakouts, providing profitable trading opportunities.

We will watch out for a renewed break above 1.2190 that could revive bullish momentum towards 1.2240. Above 1.2270, the next higher target is 1.2350. On the downside, below 1.2140 and further 1.2120 it will be interesting whether the short-term support at 1.21 holds. A bearish break of 1.2090 could open the door to further losses towards 1.20.

Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

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