EUR/USD is seen to be trading around 1.0850 levels at this point in writing and is expected to push higher towards 1.1470/1.1500 as highlighted on the 4H chart view. The single currency pair needs to break interim resistance at 1.1020 to accelerate further. After having dropped to 1.0636 levels in March 2020, the euro had rallied against the US Dollar and print fresh intermediary highs around 1.1150 levels. Since then, it has been drifting sideways and finally found support at the fibonacci 0.786 retracement around 1.0730 levels. Overall, EUR/USD is expected to remain in control of bulls as long as prices remain above 1.0636 levels. A safe trading strategy would be to hold long positions and buy further on dips with risk at 1.0636 respectively.
Technical outlook:
EUR/USD is seen to be trading around 1.0850 levels at this point in writing and is expected to push higher towards 1.1470/1.1500 as highlighted on the 4H chart view. The single currency pair needs to break interim resistance at 1.1020 to accelerate further. After having dropped to 1.0636 levels in March 2020, the euro had rallied against the US Dollar and print fresh intermediary highs around 1.1150 levels. Since then, it has been drifting sideways and finally found support at the fibonacci 0.786 retracement around 1.0730 levels. Overall, EUR/USD is expected to remain in control of bulls as long as prices remain above 1.0636 levels. A safe trading strategy would be to hold long positions and buy further on dips with risk at 1.0636 respectively.
Trading plan:
Remain long, buy more @ 1.08230/40 stop @ 1.0630, target @ 1.1500.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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