Technical outlook:
An hourly chart for the EUR/USD pair has been depicted here for short-term trading setups. As discussed yesterday, after breaking out of consolidation, the EUR/USD pair dropped lower towards the 1.1350 levels before finding support. The prices bounced off the strong Fibonacci 0.618 levels of the previous rally between the 1.1270 and 1.1485 levels, respectively. The most likely direction from here should be on the north side, and the prices should remain above today's low. Immediate price support can be seen at 1.1343, while resistance is seen at 1.1430/50, followed by the 1.1500 levels, respectively. Please note that any intraday pullback from current price of the 1.1400 levels should remain capped by the 1.1342 level. Bulls are expected to stay in control from here and push the prices towards the 1.1650 level as demonstrated on the chart here.
Trading plan:
Buy from 1.1350 with a stop loss order at 1.1270 and the target of at least 1.1650.
Good luck!
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