Technical outlook:
The 4H chart view presented here is depicting a bullish outcome for EUR/USD over the next several weeks. As labelled here, the single currency pair seems to be on its way to carve an impulse wave from 1.1175 through the 1.1400/20, levels respectively. A lower degree wave structure depicted here shows that waves i, ii, and iii might be in place and that wave iv might be unfolding as a complex corrective structure, that could terminate close to the 1.1300 levels going forward. Ideally, the wave iv should terminate above the 1.1245/50 levels, and then a final push higher towards 1.1400/20 would complete the impulse wave that is potentially being worked out since March 07, 2019. Once the immediate price resistance is taken out, the wave structure would be bullish and we should buy amid dips thereafter.
Trading plan:
Aggressive traders, remain long with a stop loss order at the 1.1250 levels, targeting 1.1420
Conservative traders, remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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