We expect breakdown of the horizontal range

06 April 2016, EUR/USD

The pair did not want to get out of the range, which borders are marked on the chart below.

My Buy deal was closed based on Stop Out and had already been moved to the breakeven status.

Next steps are not clear. What is clear is that the need to wait for the price leaves the specified range and open trades to the side of breakdown.

Our Wave scenario remains unchanged. Probably, double zigzag has finished its formation and in the future we can expect a decline.

However, if the price continues to move up, our scenario will remain justified, but only the wave with of y will extend its length.

Therefore, to be sure, it is better to wait for breakdown of the specified range.

Vasiliy Lukin
FreshForex Analyst
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