EURUSD has traded within very narrow range during the Asian session. The price has been locked between 1.1686 and 1.1700, which creates the opportunity for profit after a breakout of the formed short term consolidation.
Breaking the price above 1.1700 will likely lead to a raise to at least 1.1733 where the previous peak is.
The pair is traded quite one way during the week and only upwards, which creates the likelihood for profits taking from long positions later today, which in turn will lead to a slight retracement for the most traded pair.
It is very likely that there will be a strong upward momentum at the start of the European session and see a break above 1.1730, which will be fake, and yet the pair will close under the short term peak at this level.
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