Technical outlook:
EUR managed to bounce off 1.0925 levels discussed earlier. The single currency has rallied straight to the fibonacci 0.618 resistance as presented here. It still remains into the sell zone of the resent trend line resistance, hence we would respect the overall view. Until prices remain below 1.1250, it would be too early to confirm that a meaningful bottom is in place. Looking at the wave structure, if 1.0925 was the termination of Wave v of C, we should see the rally continue further and break above 1.1250 going forward. From the trading stand point, it is suggested to take profits on the longs initiated earlier and remain flat waiting for a corrective drop. Aggressive traders might want to go short against 1.1165 in anticipation of the bearish continuation. Please note if prices bounce back around the 1.0980 levels, we would review again for a potential bullish reversal. Immediate price resistance is seen at 1.1165 levels while interim support is defined at 1.0925 respectively.
Trading plan:
Please book profits on long positions taken earlier. Aggressive traders go short with stop at 1.1165, target is open.
Good luck!
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