analytics606c3e679e6bd.jpg

Technical outlook:

EURUSD has inched higher as discussed earlier and print highs around 1.1820 today. Please note that potential remains for the rally to continue towards 1.1900 mark at least, before facing some resistance. The recent boundary which is being worked upon is between 1.2242 and 1.1700 and note that fibonacci 0.382 passes through 1.1905 to provide resistance.

EURUSD is seen to be trading around 1.1808 levels at this point in writing ad is expected to drop intraday through 1.1750/60 levels again, before resuming its rally towards 1.1900/10 mark. Immediate resistance stays around 1.1985, followed by 1.2242 and higher; while support is seen at 1.1700 handle. Only a break below 1.1700 from here would be extremely bearish.

The counter trend rally might extend through 1.1900 mark or could continue further towards 1.2050 levels, which is fibonacci 0.618 retracement of the above recent boundary. Either way, bears might be poised to push prices lower towards 1.1600 levels either from 1.1900 levels or after hitting 1.2050 levels, going forward.

Trading plan:

Remain short stop @ 1.2350, target @ 1.1600

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.