Technical outlook:
The EUR/USD pair has dropped to yet another low at 1.1250 today and could extend weakness through 1.1240 as well. The recent drop from 1.1448 levels is going to take shape of an impulse (5 waves), which could imply a bearish move for EUR/USD in the coming days and weeks. At the same time, we shall respect the previous rally and break of 1.1420. Meanwhile, I prefer to remain bullish as long as prices stay above 1.1175. In both the cases presented here, the common development would be a rally from near about current levels, either in the form of a correction or a new highs above 1.1448. It would be better to take a decision around the 1.1350/60 mark whether to remain long or turn lower. Interim support stands at 1.1175 levels for now and 1.1240 could be a potential fibonacci bounce for at least a pullback higher.
Trading plan:
Aggressive traders remain ling against 1.1175. Conservative traders remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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