The EUR/USD continues to be range bound heading into the Christmas holiday. Within the past 24 hours, this pair has moved into a tighter range with the 1.0970 area holding as resistance and 1.0870 as support.
Expect to see price break out of this range over the coming days.
The EUR/USD has been trading in a 250-pip range for the past couple of weeks.
The pair found support in the 1.10 area twice, which previously acted as resistance in mid-November.
Price has repeatedly rejected areas of resistance at 1.0970, 1.1025 and 1.1050.
Price action Forex traders will recognize that price having rejected both a strong area of resistance and support is now trading in between these two areas and is poised to break out in either direction.
Around the holidays price has been known to gap, so traders will need to take that into consideration before holding positions through the Christmas holiday.
If you missed my technical analysis of the EUR/USD for the week of December 20th take a look at this video.
The Forex market trades in a range, so learning how to identify Support and Resistance areas can take your trading to a higher level. In this video, I show how I draw levels of support and resistance on my chart each week.