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Technical outlook:

EURUSD has produced a neat rally after having achieved its target at 1.1704 earlier. The recent rally has reached 1.1924 levels, just near the fibonacci 0.382 retracement of its recent drop between 1.2242 and 1.1704 levels respectively. The next high probable move from here could be on the lower side towards 1.1780/90 at least, if not lower.

EURUSD is seen to be trading just below the 1.1900 handle at this point in writing and bears are expected to remain in control for the next few trading sessions. Immediate resistance is seen through 1.1985, followed bu 1.2242 and 1.2350; while support comes in at 1.1700 levels respectively. A break below 1.1865 will open doors to test 1.1780/90 levels, going forward.

The overall structure remains bearish until prices stay below 1.2242 and subsequently below 1.2350 levels going forward. The rally from 1.1704 levels might still be incomplete and bulls might remain poised to push through 1.2050 levels after the corrective drop is complete. Only a drop below 1.1740/50 will threaten the recent swing lows.

Trading plan:

Remain short, add more @ 1.2050, stop @ 1.2350, target is 1.1600

Good luck!

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

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