Technical outlook:
A daily chart view for EUR/USD has been presented here to have a longer-term view and a potential trade direction as well. The drop from 1.2555 through 1.1200 levels has clearly unfolded as an impulse. The sideways/consolidation going through since last 3 months since November 2018, has gotten quite a few traders confused and on the wrong side. Yesterday, prices dropped below 1.1235, taking us out of the long side, and a fresh low has been now registered at near 1.1175. The price action could be unfolding as an expanded flat or a fresh rally, and it is too early to confirm either of the probabilities. Immediate price resistance on the daily chart view is at 1.1420, which needs to be taken out before the next major move could be decided. We remain aside for now and watch for prices action to unfold in the next 2-3 days to take further call on the trading direction.
Trading plan:
Please remain flat for now. Aggressive traders might want to go long with stop below 1.1150.
Regards
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