Technical outlook:
We have presented an hourly chart for EUR/USD today, to get a short-term view for the next 24-48 hours. Please note that EUR bulls managed to break above the resistance trend line and also price resistance at 1.1394 levels on Friday. The entire rally between 1.1289 and 1.1425 levels can be considered as the recent upswing that is being worked upon. Please note that bulls have managed to take out initial resistance and hence the rally could continue after a short pullback towards 1.1370/75 levels or a much deeper retracement towards 1.1340 levels as depicted on the above chart. Also note that the backside of resistance turned support trend line could be tested before the rally resumes. The potential upside targets are not highlighted here but it could be 1.1500 and 1.1600 levels at least. A major price support might have been put in place at 1.1289 levels and bulls are expected to remain in control till it remains intact.
Trading plan:
Remain long, stop @ 1.1280, target 1.1500, 1.1600 at least.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com