Price has just touched the significant resistance.This pair can be used for both long or short trade set up.
Long-If Euro's upward momentum against all the pairs continues,this pair should produce a better technical set up than others as there is no significant resistance within at least 200 pips after the breach above .7500.The next significant resistance is at .7751.(see the chart below)
Short-If the pair fails at the resistance like previous two times,it will confirm another top.So aggressive selling is possible if it falls back from here.But be careful above .7400.
Word of caution:This particular areas are very prone to stop hunting.So regardless of which way the pair is traded,stops should be moved to break even if the pair moves 50 pips in the anticipated direction.
Long-If Euro's upward momentum against all the pairs continues,this pair should produce a better technical set up than others as there is no significant resistance within at least 200 pips after the breach above .7500.The next significant resistance is at .7751.(see the chart below)
Short-If the pair fails at the resistance like previous two times,it will confirm another top.So aggressive selling is possible if it falls back from here.But be careful above .7400.
Word of caution:This particular areas are very prone to stop hunting.So regardless of which way the pair is traded,stops should be moved to break even if the pair moves 50 pips in the anticipated direction.