Technical outlook and chart setups:
The EUR/USD pair has completed a complex corrective wave structure by printing intraday lows at 1.1103 level today. The pair has pulled back sharply since then and is now trading at 1.1140, looking to continue a further rally. Looking at the wave structure, the pair has completed waves A-B-C corrective structure, each consisting of 3
waves. Besides, please note that a morning star bullish candlestick pattern is also
underway, indicating a reversal here. A push above 1.1280 level would
accelerate further upside towards 1.1400 level. It is hence recommended to
remain long, with risk at 1.1040 level. Immediate resistance is seen at 1.1283
level, while support is seen at 1.1045 level respectively.
Trading recommendations:
Remain long, stop at 1.1040,
a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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