EUR/USD has been trading downwards. The price tested the level of 1.1279. Anyway, we expect further upside movement on the EUR.
According to the H4 time-frame, we found that there is rejection of the key short-term support level at the price of 1.1287, which is sign that selling looks risky and that buyers decided to load their buying positions. In our opinion, there is potential end of the downward correction (abc), which is another sign to watch for buying opportunities. Important resistance level is seen at the price of 1.1320. As long as the support at the price of 1.1287 is holding, we are bullish on the EUR.
Trading recommendation: We are long on EUR from 1.1300 and target at the price of 1.1320. Protective stop is placed at 1.1277.
The material has been provided by InstaForex Company - www.instaforex.com
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