The EUR/USD 4H chart has been presented here today, in continuation to what was discussed last week. The pair had broken below its immediate trend line support and subsequently below 1.2200 handle as well. Furthermore, the pair seems to have unfolded into 3 waves counter trend rally since then. It is seen to have hit resistance zone around the fibonacci 0.618 levels and also the back side of earlier trend line support. Moreover, a traditional head and shoulder pattern is also looking to unfold at this time and if the pattern were to hold true, ideally prices should remain below 1.2555 levels going forward. On the flip side, a push above 1.2555 levels would attempt through 1.2600 before dropping lower again.
Trading plan:
Please remain short and also look to sell more on rallies. Risk above 1.2555 levels.
Fundamental outlook:
Watch out for the ECB rate decision today at 07:45 AM EST.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook:
The EUR/USD 4H chart has been presented here today, in continuation to what was discussed last week. The pair had broken below its immediate trend line support and subsequently below 1.2200 handle as well. Furthermore, the pair seems to have unfolded into 3 waves counter trend rally since then. It is seen to have hit resistance zone around the fibonacci 0.618 levels and also the back side of earlier trend line support. Moreover, a traditional head and shoulder pattern is also looking to unfold at this time and if the pattern were to hold true, ideally prices should remain below 1.2555 levels going forward. On the flip side, a push above 1.2555 levels would attempt through 1.2600 before dropping lower again.
Trading plan:
Please remain short and also look to sell more on rallies. Risk above 1.2555 levels.
Fundamental outlook:
Watch out for the ECB rate decision today at 07:45 AM EST.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: