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Finally a breakout, or is it?

Skerdian Meta•Tuesday, May 24, 2016•1 min read

EUR/USD has been trading in a tight 30-40 pip range since Thursday, between 1.1190s and 1.1230s. It´s been boring as hell because this has made other pairs numb too. But this morning the range was broken to the downside. The price right now is at the 1.1170 region, which is not a long way from the 1.1180-90 support level. So, it has to stay below this support level in order to be considered as a true breakout, otherwise it won´t count if the price moves back above 1.12. 

Is this breakout real?

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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