Technical outlook:
The hourly chart has been presented today to have a short-term trading setup for EUR/USD. As discussed and expected yesterday, the EUR/USD pair has bounced off the Fibonacci 0.618 support from the 1.1342 levels. Furthermore, it has raised to the 1.1450 level and is trading close to that for now. A push above the 1.1460/70 levels would confirm that a meaningful bottom is at the 1.1342 levels. Immediate price resistance is seen at the 1.1485 levels, while support is at 1.1343, followed by the 1.1270 levels, respectively. Ideally, the prices should remain above the 1.1342 levels and make higher highs and higher lows towards the 1.1700 levels. On the flip side, there remains a possibility of a drop to the Fibonacci 0.786 support before the rally resumes.
Trading plan:
Remain long with a stop loss order at 1.1270, and the target of 1.1700
Good luck!
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