EUR has been trading sideways at the price of 1.1218. EUR didn't have power to test or break the important low at 1.1204, which is sign of the strength. The Bollinger band % indicator is showing the bullish divergence in the background and the band squeeze (narrow range of the bands), which is sign for the potential up breakout.
Trading recommendation:
Yellow rectangle – Support (1.1200)
Blue horizontal line- Resistance 1 (1.1239)
Blue rectangle – Resistance 2 1.1255)
Bullish divergence on the % Bollinger oscillator in the background is the sign of the potential rally incoming. EUR is trading in well defined trading range and there is no imbalance on this market. It is very unlikely that EUR take the major swing low at the price of 1.1200. Watch for buying opportunities with the upward targets at 1.11239 and 1.1260.
