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April 19, 2012: Where Are The EUR/USD Breakout Points On The Hourly Chart?

ByThe Pattern, Price & Time Report
AuthorJames Hyerczyk
Published 04/19/2012, 03:45 AM
Updated 05/14/2017, 06:45 AM
EUR/USD
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The EUR/USD is trading in a tight range as traders await the results of the Spanish auction due to begin in a little more than 2 hours. The 60-minute chart offers an excellent perspective of what traders are facing at this time.
 
Based on the main range of 1.3212 to 1.2994, a retracement zone has been created at 1.3129 to 1.3103. The market has been trading inside of this range for several hours on very low volume. The euro is also trading inside of a major triangle chart pattern. The upside resistance is currently near 1.3140 and the up sloping support line is near 1.3080.
<span class=EUR/USD-Chart1" title="EUR/USD-Chart1" width="1366" height="633">When the auction results are released at 9:30 London Time, the resistance will be at exactly 1.3143. This price is the upside breakout level. The uptrending support line will come in at 1.3080. This price is the downside breakout level.

Traders have to remember that this is going to be a momentum trade so after the euro makes its move, don’t turn it into a trend trade if the market begins to pullback into the breakout zone. Get out after the momentum slows then reload if support or resistance is re-established. Keep in mind that the results of the Spanish bond auction will most likely set the tone for the day.

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