Technical outlook and chart setups:
The EUR/USD pair has made intraday lows at 1.0700/10 today before pulling back higher. As seen in the chart view here, the pair failed to push through 1.1050 recently. It is quite possible that the pair could turn lower towards the longer downtrend and print fresh lows. Please note that the pair has turned around the Fibonacci 0.50 resistance just at the level of 1.1050 and is also passing the resistance trend line. Immediate resistance is seen at 1.1050 followed by 1.1120,1.1500, and higher, while support is seen at 1.0600 followed by 1.0460 and lower respectively.
Trading recommendations:
Remain flat for now and look to sell rallies.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
