Technical outlook:
The 4H chart presented here might start indicating a potential trend reversal for EUR/USD. It is too early to confirm the same, but aggressive traders should get prepared to go on the long side. Counting shorter time frame waves (1 hour), you can find out that a 5 waves rally could be completed between 1.1180 and 1.1274 levels, respectively. Ideally, there should be a corrective drop towards the 1.1213/20 levels before the rally resumes further. We have projected the Fibonacci potential support and resistance levels on the chart here to indicate potential entries and targets in the coming sessions. Please note that support could be seen at 1.1213/15, while resistance or target price is seen towards the 1.1430 levels, respectively, that coincides with the price resistance as well. Hence, it is suggested that those who are inclined towards an aggressive trade should be prepared to go on the long side around the 1.1210/20 levels. Please note that a further bullish reversal can push the prices higher towards at least the 1.1800/20 levels.
Trading plan:
Aggressive traders should be prepared to go long around the 1.1210/20 levels, with a stop below 1.1175 and the target of 1.1430.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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