EUR/USD Ready to Breakout

Here’s a simple look at my 4 hr chart where I only have my trendline and fib levels showing. The fact that we have the 61.8 fib level syncing up perfectly with a nice round price level like 1.3000 shows that we are at a critical level (I believe) for the euro. For 9 days in a row now, that 1.3000 price and 61.8 fib level has been tested and yet not broken on the daily chart as well. There is LOTS more resistance levels above than support levels below, leading me to guess that the rally we’ve been riding high on is at a plateau and soon we’ll see a reversal in trend. Above the 1.3000, we have two big forms of resistance: one is the weekly R1 at 1.3050 and the daily R1 at 1.3057. There’s also minor resistance at 1.3035. To the downside, a break of 1.2970 would peek my interest that momentum has shifted, but ultimately we should watch that red trendline to confirm a true reversal has happened.

I’ve been trading the range (which I have at 1.2970/1.3030) on the hourly chart for modest 40 pip T/P with a 20 pip S/L and had 3 successful trades this week doing that, and I will continue to do so until the market breaks out of this counter-trend. Trading ranging markets is brutal sometimes since about 80% of all breakouts become fake-outs, and I like to ensure that I never get emotionally attached to the trade so that if the trade goes against me, I still can re-evaluate and jump back on board in order to not miss out on the next trade setup. If anyone has questions or comments feel free to leave them below. Good luck out there!