Technical outlook and chart setups:
The EUR/USD pair prints yet another low at 1.0954 levels before pulling back higher. The pair is seen to be trading at 1.0980 levels for now and needs to push through 1.1060 levels to confirm further upside. Please note that probability for a further lower low is reducing since the pair is holding well above 1.0950 levels. The pair is expected to rally and take out 1.1060 levels to confirm that bulls are here to remain longer but at the same time fibonacci 0.618 resistance is seen at 1.1080 levels. Please note that 1.1100 level would provide stiff resistance if prices manage to reach there. Looking at the wave structure, the pair looks to be preparing for yet another run towards 1.1085 and 1.1120 levels. It is hence recommended to remain long, with risk at 1.0945 level. Immediate resistance is seen at 1.1060 level, while support is seen at 1.0950 level respectively.
Trading recommendations:
Remain long, stop at 1.0945, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com