Technical outlook:

EURUSD continues to move sideways since yesterday in a tight range between 1.1910/35 levels. It is expected to break higher towards 1.2040/50 at least, and up to 1.2080 mark to complete its counter trend rally that had begun from 1.1835 lows. Also note that near term support comes in around 1.1895 levels, and EURUSD can drop until there before turning higher again.

The single currency pair is seen to be trading close to 1.1935 at this point in writing and could break higher towards 1.2040/50 from here. Immediate support is seen at 1.1835, while resistance is fixed at 1.2242, followed by 1.2350 levels respectively. EURUSD bulls might remain inclined to extend its counter trend rally before giving in to bears.

The recent boundary being worked upon is between 1.2242 and 1.1835 and the pullback has reached 1.1985, close to fibonacci 0.382 retracement. A push above 1.1985 will confirm that further upside is left towards fibonacci 0.618 retracement seen around 1.2085 mark. A bearish reversal can be expected thereafter towards 1.1600 levels.

Trading plan:

Remain short, stop @ 1.2350, target @ 1.1600

Good luck!

The material has been provided by InstaForex Company –

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