The EURUSD had dropped lower towards 1.1150 levels last week as expected and discussed, before pulling back sharply higher. The pair seems to be trading at 1.1232 levels at this moment of writing, after printing highs at 1.1250 levels as depicted on the 4H chart view. The wave structure now reveals that the pair is into a broader consolidation triangle structure with decreasing resistance and constant support at 1.1120 levels as depicted here. Ideally, prices should remain below 1.1280/90 levels to keep the bearish structure intact, but a break higher would bring back bulls in control and open doors for a push through 1.1550 levels. It is hence recommended to remain short, with risk at 1.1290 levels. Immediate resistance is seen at 1.1283 levels, while support is seen at 1.1120 levels respectively.
Trading recommendations:
Remain short, stop at 1.1290, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook and chart setups:
The EURUSD had dropped lower
towards 1.1150 levels last week as expected and discussed, before pulling back sharply
higher. The pair seems to be trading at 1.1232 levels at this moment of
writing, after printing highs at 1.1250 levels as depicted on the 4H chart view.
The wave structure now reveals that the pair is into a broader consolidation
triangle structure with decreasing resistance and constant support at 1.1120
levels as depicted here. Ideally, prices should remain below 1.1280/90 levels
to keep the bearish structure intact, but a break higher would bring back bulls
in control and open doors for a push through 1.1550 levels. It is hence
recommended to remain short, with risk at 1.1290 levels. Immediate resistance
is seen at 1.1283 levels, while support is seen at 1.1120 levels respectively.
Trading recommendations:
Remain short, stop at 1.1290,
target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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