Technical outlook and chart setups:
The EUR/USD pair is looking to form a higher low ahead of 1.0462. The pair is currently trading around 1.0560/70 and could be preparing to rally as seen on the 4-hour chart. A run up from the current levels would be extremely encouraging for bulls. It is likely to indicate that an intermediary bottom has been formed at the level of 1.0460. Now, it is recommended to initiate long positions with risk at 1.0400. Immediate support is seen at 1.0460 while resistance is found at 1.1050 respectively. Bulls should regain control until prices are above the level of 1.0460.
Trading recommendations:
Initiate ling positions, stop at 1.0400, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
