Technical outlook:
The EUR/USD bears are in control with a break below 1.1183 interim support. As presented on the 4H chart here, the 1.1800/1.1200 levels should act as resistance going forward. We shall be looking to enter short positions again around the above-mentioned levels, but for now we stay flat. Please note that the strong resistance is now seen at 1.1324 levels. As long as EUR/USD remains below it, look for lower lows and lower highs. A quick intraday rally towards the previous support region around 1.1183 levels would provide opportunities to go short. We can expect lower prices towards 1.1083 and 1.1021. Eventually we could see prices move towards 1.0900 levels as discussed earlier. We'd better wait for a pullback now and commit on the downside until prices remain below 1.1324 level.
Trading plan:
We are flat for now. Sell around 1.1180/1.1200 levels. Set stop at 1.1324. The target levels are located at 1.1080 and 1.1020
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com