Technical outlook:
The EUR/USD pair reversed sharply from over 1.1324 last week, breaking below the counter trend line support as presented here. If prices hold below 1.1324 in the sessions to come, bears are expected to continue pushing lower towards 1.0900 levels. Once can expect a pullback rally to materialize towards 1.1285 at least before the drop could continue further. Besides, note that prices are finding some support around the fibonacci 0.618 support of its previous rally between 1.1183 and 1.1324 levels respectively. Looking at the wave counts, the EUR/USD pair could print yet another low below 1.1126 levels before producing the anticipated counter trend rally. Trading opportunities seem to be present on both sides; aggressive approach would be to play long and then short while a conservative approach could be to sell on rallies. Interim price support is at 1.1183 while resistance is seen at 1.1324 levels respectively.
Trading plan:
Aggressive traders may want to remain long against 1.1183 levels targeting 1.1285 levels. Conservative traders prepare to sell on rallies.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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