Consolidating | 18 September 2017

On the weekly chart above, Eur continues to consolidate within a tight range not going above 1.2070 or below 1.1810. I’m patiently waiting for a clear break above this range to pick a long position towards 1.2490, or a breakout below 1.1810 to catch a retracement rally towards 1.1490. If fail to catch this retracement, you could wait for a rejection from 1.1490 to pick a long position with you take profit at 1.2490. As it is, Eur is still bullish and a breakout above 1.2070 is likely to be witnessed towards 1.2490. Thus, I’ll focus mainly on buy positions but if a breach below 1.1810 is seen, then I’ll switch focus to short positions towards 1.1490.

Wait for either a breakout above 1.2070 to pick a long position towards 1.2490, while a breakout below 1.1810 to pick a short position towards 1.1490.