The EURUSD walked a tight line last week. The cross spent the majority of the week in a narrow range. The Fib levels from the squeeze higher in the beginning of the month provided support level last week. The cross bounced twice of the .618 fib at 1.2250 and once of the 50 fib at 1.2290. I hindsight these trades look simple but consolidation patterns can be random at best. Heading into next daily support begins at 1.2240. This level was last weeks low and a break of this price could expose the 1.2130 level. Resistance begins at the consolidation high at 1.2380 followed closely by 1.2440. Data flow is light once again next week so risk trends could dictate price action.
Keane Plan: Looking for a break of support or resistance.
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