Technical outlook:
The EUR/USD 4H chart remains unchanged from what was discussed yesterday. The pair is seen to be trading around 1.1400 levels for now and might correct lower before rising through 1.1500 levels. Another possibility is that EUR/USD rallies towards 1.1500 levels from here, completing the swing that began from 1.1213 earlier and then corrects lower. In either case, EUR/USD remains bullish until it stays above 1.1210 levels going forward. Please also note that it is testing the resistance trend line at this time and a break into the buy zone would bring back bulls in control. Immediate resistance is seen at 1.1500, while support is at 1.1210 levels respectively.
Trading plan:
Remain ling, stop below 1.1210, target 1.1650 and higher.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com