Technical outlook:
It is quite clear that EURUSD has changed tracks for medium-term since printing 1.1107 lows in May 2019. It has been carving higher lows and higher highs with strong support coming in at 1.1180, followed by 1.1117 levels respectively. Aggressive short positions should be avoided for now with prices poised to push higher and near term resistance is seen at 1.1430/40 levels. It is recommended to stay aside and allow the EURUSD to retrace lower a bit before getting on the trend again. We have displayed the potential support levels at Fibonacci ratios to enter on dips and 1.1270 levels seem to be the optimum to initiate long positions. If the pair continues to push ahead from here, then the next stop could be at 1.1430/40, followed by 1.1500 levels respectively. It is advisable to wait for a dip lower and enter buying rather that attempting aggressive shorts.
Trading plan:
Remain flat for now and look to buy lower @ 1.1270 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com