EUR/USD being an interesting pair lately with daily range increased due to volatility. Here is trade plan as we see at EUR/USD.
Eur/usd has been a pair of interest with low spread and good moves .
We are looking at possible formation of W on the weekly chart of eur/usd.
Eur/usd is well known to respect the zones of support and resistance.
As we can clearly see from the chart posted below that Eur/usd bounced of the 1.4350 zone which has been strong zone of resistnce for this pair and the price has retested that level twice in last 4 months. With a possible double bottom on the weekly chart the price will likely follow the retest of 1.37 to 1.38 region befre making an upmove .
Once the rebounce of the 1.37 to 1.38 region occurs with buyers showing interest at that region of support we will likely head back to 1.4350 region where this being the third time a possible break of this region will lead us to the 1.47 region forming W on the weekly chart .
This scenario is valid as long as 1.37 region holds otherwise we may see a fall .
But the euro bulls seem to be waiting for the 1.37 to 1.38 region to load there longs again.
This is most likely scenario.
So levels to watch are support at 1.37/1.38 region. First resisnce at 1.43 and second at 1.47 region.
So get ready to load your position on EUR / uSD for good profits.
Enter when the price action confirms it.
Here is chart i am talking about.