Technical outlook:
The EUR/USD pair has remained more or less unchanged since the last 24 hours in terms of price action. The pair is currently trading close to the 1.1300 mark, looking to carve the sideways consolidation before pushing higher towards the 1.1340/50 levels. As discussed yesterday, the 1.1340/50 mark is the Fibonacci 0.618 resistance of the drop between the levels of 1.1448 and 1.1181 where a bearish reaction could be expected. The line for bears to remain in control is the resistance at the 1.1448 levels and till the prices stay lower, we can expect lower highs and lower lows being hit. On the flip side, a breakout higher could bring the bulls back to control and we might have to restructure the above trading setup. At this point in time, selling on rallies through 1.1340/50 should be considered as a favored trading strategy. The projected targets for lower levels are around the 1.0900 levels at least.
Trading plan:
Remain short and add further around the 1.1340/50 levels with a stop loss order above 1.1448 and the target of 1.0900.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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