The single European currency is trading near the important resistance level of 1.0971. If the price fails to break it out, a decline to 1.0945 should follow. Williams %R remains below its -20 line so the pair still has growth potential on the 4-hour chart. The level of 1.1000 is seen as the key one both for the Bulls and the Bears, and the main battle is likely to unfold there. Today, due to a bank holiday in the UK and Canada, no high volatility is expected.
Support and resistance
Support levels are 1.0870, 1.0780.
The nearest resistance level is 1.2207 (0/8 Murray).
Long positions can be opened after the breakout of the level of 1.0984 with the target at 1.1045 and stop-loss at 1.0960.