Technical outlook and chart setups:
The EUR/USD pair seems to be into
its final leg rally towards termination of its counter trend now. The pair has
made interim highs at 1.1003 level right now and is poised to push further
towards at least 1.1030/40 levels. EURO
bulls are targeting past wave 4 termination at 1.1030/40 levels as depicted on
the hourly view here. It is expected to rally and take out 1.1040 level to
confirm that bulls are here to remain longer or it would be considered as wave
4 pullbacks. The probability for wave 4 terminations at 1.1040 level remains
high at this moment, according to wave counts discussed earlier. Looking at the
wave structure, the pair should be facing stiff resistance around 1.1040/50
levels and bears are expected to regain control from there on. It is
recommended to remain long now, with risk below 1.0930 levels. Immediate
resistance is seen at 1.1040 level, while support is seen at 1.0930 level
respectively.
Trading recommendations:
Remain long now, stop below 1.0930
levels, target is 1.1040. One can take partial profits though.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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