Technical outlook and chart setups:
The EUR/USD pair seems to have
achieved its initial soft target at 1.1030/40 levels and also exceeded the same.
The pair has made interim highs at 1.1070 levels right now and is poised to prepare
to drop from here. EURO bulls have hit
previous wave 4 termination at 1.1030/40 levels and also tested resistance at
1.1070 levels now. Please note that the pair is pretty close to forming a top
and reverse lower. The probability for wave 4 terminations at these levels
remains high at this moment according to wave counts discussed earlier. Looking
at the wave structure, the pair should be facing stiff resistance around 1.1100
levels, if prices reach there, and bears are expected to regain control from
there on. It is recommended to book profits on all long positions taken earlier
and prepare to go short. Immediate resistance is seen at 1.1075/1.1100 levels,
while support is seen at 1.0930 levels respectively.
Trading recommendations:
Please book profits on all long
positions taken earlier and prepare to go short around 1.1070/1.1100 levels,
stop at 1.1150, targeting lower.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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