Technical outlook:
The 4H chart view for EUR/USD has been presented here for having a medium-term wave structure coming up in the next few weeks. The EUR/USD pair has managed to bounce back from 1.1284 yesterday producing a hammer on the daily chart. Please note that the corrective drop which began from 1.1420 levels might have terminated at 1.1284 yesterday. A 3-wave corrective drop might be seen on smaller time frames with prices trading around 1.1304 levels at this point in writing. Today might be the trigger we have been waiting for several days where EUR/USD may bounce higher giving in nearly 500 pips in the next few weeks. Immediate price support is seen around 1.1270 while resistance is seen through 1.1340 levels respectively. A push through 1.1340 today or tomorrow could be seen as further confirmation of the potential bullish structure discussed above.
Trading plan:
Remain long, stop below 1.1235, target is at 1.1600 and higher.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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