Stelian

Waiting for the fish to get caught. EURUSD channel breakout

FX:EURUSD   Euro/U.S. Dollar
238 0 0
ECB President Draghi Speaks tomorrow and there is also a lot of economic data to be released for the UK. Also S&P             is moving sideways for about a second week now and uncertainty of the debt ceiling issue starts building up as March approaches.
Generally it will be an intense week for both Europe and the US.
Looking at the 1h chart, the sideways range movement of the currency pair signals for me that anticipation is building up and I am expecting to see the EURUSD             to breakout the support or resistance level that it has established today.
An upward breakout of the resistance and the short term downtrend would be a strong confirmation signal of the long term trend direction.
However in the case of a support breakout, the continuation of the bearish move can be confirmed by a further breakout of the long term uptrend, which does not necessaries establish a break in the long term trend direction, however it does indicate a major slowdown of the upward pace.
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