With intraday support holding around 1.0660, the only way is up
The euro danced to the technical tune yesterday. The 1.0700 break held a retest around 1.0705 and down we went.
EURUSD 15m chart
Support then developed at 1.0660, resistance then held again at 1.0705, then support again... you can see the picture yourself.
So now we're up near 1.0700 again so the question is, do we rely on the pattern again?
At some point, either 1.0700 breaks or 1.0660 does. It's to tight a range to last long. The more times we test a level, the greater the chance it breaks. If you want to trade the resistance again then you need to keep it tight with a stop around 1.0710/15. Or else, you do the opposite of yesterday and look for confirmation of the break up to go long.
Both ways offer an opportunity but remember, we could also just flip flop around 1.0700 too. Who said trading was easy eh? ;-)
