A 4H chart has been presented for EURUSD for a medium-term outlook. As seen here, interim support is seen at 1.1233 levels, and prices have broken out of the immediate resistance line. Please also note that prices also back tested the resistance turned support trend line at 1.1275 levels before pushing further towards 1.1370 levels last week. The EUR/USD pair is moving sideways for now and might be looking to drop towards 1.1290/1.1300 levels to find a fibonacci support of the rally between 1.1233 through 1.1370 levels respectively. Euro bulls should be looking to remain in control till prices remain above 1.1233 going forward, and push higher towards 1.1450 and 1.1500 levels respectively. On the flip side, only a break below 1.1233 would delay matters further for a counter trend rally.
Trading plan:
Remain long and look to add further on dips ahead of 1.1233 levels. Stop at 1.1230, target above 1.1500
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook:
A 4H chart has been presented for EURUSD for a medium-term outlook. As seen here, interim support is seen at 1.1233 levels, and prices have broken out of the immediate resistance line. Please also note that prices also back tested the resistance turned support trend line at 1.1275 levels before pushing further towards 1.1370 levels last week. The EUR/USD pair is moving sideways for now and might be looking to drop towards 1.1290/1.1300 levels to find a fibonacci support of the rally between 1.1233 through 1.1370 levels respectively. Euro bulls should be looking to remain in control till prices remain above 1.1233 going forward, and push higher towards 1.1450 and 1.1500 levels respectively. On the flip side, only a break below 1.1233 would delay matters further for a counter trend rally.
Trading plan:
Remain long and look to add further on dips ahead of 1.1233 levels. Stop at 1.1230, target above 1.1500
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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