The EURUSD had dropped lower towards 1.1180 levels yesterday as expected and discussed, before pulling back higher. The pair seems to be trading at 1.1229 levels at this moment of writing, and might push towards 1.1242 levels before reversing lower again. Please note that it is facing resistance at current levels at the back side of the earlier trend line support. The wave structure now reveals that the pair is into its counter trend rally and also nearing its completion at current or 1.1242 levels, and it should resume lower any time now. Ideally, prices should remain below 1.1280/90 levels to keep the bearish structure intact. 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
1.1180 levels yesterday as expected and discussed, before pulling back higher.
The pair seems to be trading at 1.1229 levels at this moment of writing, and
might push towards 1.1242 levels before reversing lower again. Please note that
it is facing resistance at current levels at the back side of the earlier trend
line support. The wave structure now reveals that the pair is into its counter
trend rally and also nearing its completion at current or 1.1242 levels, and it
should resume lower any time now. Ideally, prices should remain below 1.1280/90
levels to keep the bearish structure intact. 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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