EUR/USD Forex Signal: Finding Support at $0.9676 EURUSD Forex
last Thursday, I thought that the price was beginning to consolidate, and the two levels to watch as extremes of the natural currency range were $0.9930 as resistance, and $0.9847 as support.
Regarding a potential breakout, I saw very little chance to the upside – if there was a breakout, it would very likely be a breakdown below $0.9847, so I was ready for a short trade if we got two consecutive lower hourly closes below $0.9847 today. This was a good call as we did get this breakdown as I suspected we might, but the two consecutive lower hourly closes below that level did not set up until after 5pm London time, so this was not a valid entry signal.
The technical picture now in some ways is more bearish, but despite the strong US Dollar which is boosted by fears of higher rates and recession, the price of this currency pair is reluctant to break below the key support level at $0.9676This would suggest that a long trade from another bounce at this level could be an interesting trade, but
the problem with this is that we are about to get the most important data release of the month in the form of US CPI data. It is likely that markets will be very subdued until that release