After threatening to breakout, EUR/USD has traded back into familiar territory between 1.275 – 1.28 (Blue circles), which has been the 2 anchors for price action above 1.28. Trading back into the 50 pip range does not necessary mean the bearish breakout has been invalidated, but bears certainly must content with the possibility of a move back above 1.28 following today’s bullish showing.
Hourly Chart show us the strength of the resistance between 1.275 – 1.28 as price tried twice late last week to push back into the 50 pip range, only to be thwarted almost immediately. Will 3rd time be the charm?
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