Technical outlook and chart setups:
The EUR/USD pair is trading around 1.1165/70 at the moment and is looking to rally higher. As seen here, the pair rallied through the levels of 1.1275/80 yesterday following a drop lower to 1.0950. Please note that the structure still reveals that EUR/USD continues approaching higher highs and higher lows. It bounced off its intermediary support trendline yesterday. It is recommended to initiate fresh long positions at the current level with risk at 1.0930. Immediate support is seen at 1.0950 followed by 1.0810 and lower. Resistance is seen at 1.1436 followed by 1.1450 and higher respectively.
Trading recommendations:
Initiate long positions, stop is at 1.0930, a target is at 1.1500 and 1.1800.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com