Technical outlook and chart setups:
1. The EUR/USD pair has been drifting sideways for a few days, in an increasing support constant resistance format. The 1.3330/50 region has been supported and the 1.3400/10 region has been resistance. A push higher than 1.3400 would be required to move towards 1.3470/80 levels. On the flip side, a break below 1.3300 would reach the 1.3200 levels before pulling back.
2. Support is seen at 1.3330 (interim), followed by 1.3200 and lower, while resistance is seen at 1.3400 (interim), followed by 1.3450, 1.3550 and higher respectively.
3. The structure indicates that EUR/USD is in a range for now. The pair could form another low and then rally producing a counter trend.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
