Technical outlook:
An hourly chart view for EUR/USD has been presented here for the short-term wave structure. The EUR/USD pair is showing some resilience and it is not going to give up the 1.1300/20 handle to bears. With prices moving in a tight range between 1.1320 and 1.1360 levels since the last 2 trading sessions, the most likely wave count could be of a potential flat or gartley. In that case, prices should drop swiftly towards 1.1385/90 handle before turning higher again. Please also note that there is a fibonacci convergence around 1.1288 levels and 1.1300 levels respectively. A bullish bounce is expected but it is still too early to confirm a change in trend for longer time. It is therefore suggested to play short cycles or swings until the medium-term trend becomes more clear. As discussed yesterday, an immediate move could be lower towards 1.1285/90 before prices turn higher. Immediate price support is seen at 1.1275 while resistance is at 1.1370 levels for now.
Trading plan:
Aggressive traders remain short with stop at 1.1371 targeting 1.1290. Conservative traders remain flat for now and look to buy lower around 1.1290 levels against 1.1233.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com