Technical outlook and chart setups:
The EUR/USD pair has rallied
through 1.1271 levels yesterday and remained just shy of a few pips from
fibonacci 0.618 resistance at 1.1273/75 levels as depicted on the hourly chart
here. The pair is trading at 1.1265 levels at this moment after testing
yesterday’s highs, looking to turn lower again. The wave structure indicates
that the pair has dropped lower in 5 waves earlier from 1.1367 through 1.1120
levels. Furthermore, the rally from 1.1120/25 through 1.1271 levels has
unfolded in 3 waves (a-b-c), which is corrective. A bearish reversal from
current levels remains highly probable with minimum downside potential towards
1.1140 levels going forward. It is hence recommended to remain short from
the current levels, with risk above 1.1350 levels. Immediate resistance is seen at
1.1360 levels, while support is at 1.1150/60 levels respectively.
Trading recommendations:
Remain short now, stop is above
1.1350 levels, target is 1.1150 at least.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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