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Technical analysis of EUR/USD for April 28, 2016

Technical outlook and chart setups:

The EUR/USD pair is seen to be trading at 1.1340 levels for now after hitting highs at 1.1370 levels today. Please note that the pair is seen to be testing an immediate trend line support. A break lower, would open doors for a test of 1.1280/90 levels where another trend line support is seen. Looking into the wave structure, the pair is expected to remain in control of bears till prices stay below 1.1400 levels. It is recommended to remain short for now, with risk at 1.1400 levels. Immediate resistance is seen at 1.1400 levels, while support is at 1.1290 levels respectively. Please note that EUR/USD is dropping below the trend line now.

Trading recommendations:

Remain short now, stop is at 1.1400, target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com