EUR/USD is making another attempt at breaking out of its long-term range. This current run, which started before August, could be overdue for a deeper counter-trend retracement. Accordingly, the chart above outlines two separate zones from which long positions could be entered in order to take advantage of the current momentum in this pair. Both zones are respected and well formed by price, going back even beyond the nearest range. Both enjoy H4 200 MA confluence support as the MAs look like they are aligning themselves with each level respectively. The level at 1.1120 - 1.1125 is certainly better priced. However, even a long position taken from 1.1177 - 1.1186 would require price to retrace deeply from its current levels, causing an oversold condition and therefore a higher likelihood of a bounce from that level.
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