EURUSD on a tight range waiting for the CPI/ Fed break-out!

The EURUSD pair has been within a narrow Triangle range since November 30 after breaking above the 4H MA50 (blue trend-line), which held it as Support while establishing 1.0600 as its Resistance.

It appears that it is waiting for Tuesday's U.S. CPI and Wednesday's Fed Rate Decision before making a move. That should be the break-out that we should trade and from a first look, below the 4H MA50, expect a fall to the bottom of the Channel Up, while above the 1.06135 (June 27 High) Resistance, a bullish break-out to the 1.07925 (May 30 High) Resistance and the top of the Channel Up.

If selling gets escalated, then we are willing to sell only after a candle close below the 1D MA200 (red trend-line) and target the 1D MA50 (yellow trend-line), which constitutes the most optimal long-term buy entry.

Notice also how the 4H RSI is also about to break out of its Triangle pattern that has been trading in since November 03.


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