Technical outlook:
The EUR/USD pair found support at 1.1280 yesterday. Now, it is trading above 1.1300 again. The price may move any side, therefore taking short profits is recommended. In the coming 1-3 days, the pair is likely to move upwards to 1.1340/50, which is also the fibonacci 0.618 resistance of earlier drop. Also note that a breakout through 1.1340/50 could test the next resistance at 1.1392. Notably, prices remain in the buy zone of both trend lines shown here: the counter trend support trend line as well as the resistance line. This setup favors bullish momentum at least for the short term. The current resistance is seen at 1.1332, while support is at 1.1250. For now, we shift our focus to the long side with risk below 1.1280 and take further stand at 1.1350 going forward.
Trading plan:
Flip to long positions between 1.1300/05, stop is at 1.1280, target is at 1.1350.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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