After the failed attempt to break the trading range to the upside, EURUSD turned lower and broke below short-term support at 1.1330. Price is now below 1.13 again and remains vulnerable to a move towards the lower range boundary.
Red lines- trading range
Blue line- short-term support (broken)
EURUSD continues to trade sideways inside the trading range its been in for the last month. Recently rejected at the upper boundary of the range, price is now moving closer to the lower range around 1.1220-1.1250. Price has stopped the decline at the area where market made a low on December 29th. Horizontal support at 1.1270-1.1280 holds for now. As we mentioned several times before, we prefer to be neutral as long as price continues to move sideways inside this trading range.
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