Consecutive higher lows and inability to break to the downside has left only option in the cards, which is to go up. Very much depends upon how the trading day unfolds today but we would definitely like to play EURUSD
from the long side. Obvious entry points are at 1.1350 and 1.1320 support area
. There is also a possibility that it never comes down below 1.1375 and start moving higher. In that case we will observe the price action closely around today's CPI
release to get the cue and may act preemptively to scale the position. Because the way market is short this pair, whiff of euro
getting higher will smoke many stops above 1.1400 and the move above might be swift in our opinion.