EUR / USD pair prepares for a breakthrough

The EUR / USD pair is preparing for a breakthrough.

Morning review.

Monday did not bring profit to supporters of direct trades. The EUR / USD pair stayed in the narrow range for almost the entire day, trying to break below the level of 1.1730, but invariably faced with fierce resistance from buyers.

At the end of the session, the euro still managed to break through the mark of 1.1728. However, the forces were enough to move the price in the direction of another breakout just for a few 4 points up to the level of 1.1724, which is undoubtedly a false breakdown.

The plans are unchanged. It is advised to sell after a breakdown at the level of 1.1723 and further on the level of 1.1668 or buy after a breakout at 1.1860 and 1.1880.

Stop Losses positioned with 45 points in 4 digits.

Strong news on orders for durable goods from the U.S. is expected to come out on Wednesday while Catalonia's decision on independence and ECB's monetary policy decision will be released on Thursday. Lastly, the U.S. GDP is scheduled to be published on Friday.


The material has been provided by InstaForex Company -