Technical outlook:
A 4H chart has been presented again for EUR/USD to get a medium-term outlook for its wave structure. The EUR/USD pair is showing quite a bit of resilience and not giving in to bears. A probability of pushing through 1.1396 levels remains possible, before giving in to bears again, while prices remain above 1.1335. Various scenarios are coming forth but the one with high levels of confidence is a push higher into 1.1395/1.1400 first, followed by a corrective drop into 1.1280/90 levels as highlighted above. Please note that until prices remain above 1.1233 and 1.1215 levels, bulls are expected to remain in control. Aggressive traders may look to take short positions around 1.1400 levels to take advantage of the counter trend drop, but a safe strategy would be to look for opportunities to buy lower as suggested on the chart above. Only a drop below 1.1215 levels should be a concern for bulls, going forward.
Trading plan:
Prepare to buy around 1.1280/90 stop below 1.1233, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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