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.