EURUSD Breakout looms
The euro currency continues to consolidate in a tight price range against the US dollar due to lacklustre moves in the foreign exchange market. The Bollinger Band indicator is also starting to narrow, which indicates that a major directional breakout is looming. A breakout above the upper Bollinger Band on the four-hour time frame could see the EURUSD pair testing towards the 1.2185 level.
The EURUSD pair is only bullish while trading above the 1.2130 level, key resistance is found at the 1.2150 and 1.2185 levels.
EURUSD pair is only bearish while trading below the 1.2130 level, key support is found at the 1.2100 and 1.2060 levels.