Technical outlook:
The EUR/USD pair has finally approached 1.1190 levels yesterday. The price held near of initial support at 1.1180 levels. We have presented the 4H chart view to have a short and medium term outlook for the single currency. Please note that the rally from 1.1193 to 1.1275/80 levels might have unfolded into 5 waves. It could indicate that the correction might not be over yet and EUR/USD could still push ahead towards 1.1330 levels. Having said that, we can expect a corrective drop towards 1.1220 levels in the short term before the rally could resume and push higher through 1.1330 levels. Those who initiated long positions in the last 2 days from 1.1190/1.1200 levels can take profits of around 80 pips and remain flat for now. We shall allow a slight correction lower and look to consider opening long positions again. Also note that there is resistance faced around current levels, from the support turned resistance trend line as well.
Trading plan:
Take profits of long positions are taken earlier from 1.1190/1.1200 levels. Remain flat for now.
Good luck!
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