Preparing for a Breakout Next Week

FX_IDC:EURUSD   Euro / U.S. Dollar
47 0 2
FX:EURUSD[/symbol The USD/CAD             has declined as much as 176 pips last week, and this was attributed to Draghi news on monetary policy. Now that the news has been flushed out, traders maybe getting ready for a bounce. With 1.1214 now acting as daily support traders looking to join the trend may elect to place entry orders beneath this value.

Should a bounce occur, breaking above the 1.1425 barrier and moving again above the rising weekly trendline, expect price action to resume it's upward ascent.

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