Technical Outlook and Chart Setups:
The single currency pair topped and reversed yesterday just shy of 1.3650 levels, which is the fibonacci 0.618 resistance level of the fall from sub 1.38 to 1.33 recently. Prices may want to just test 1.3650 before reversing sharply, and hence it is recommended to stay short on positions taken earlier and also look to sell intraday rallies as well. Resistance is at 1.3650 followed by 1.3710 and 1.38; while support is at 1.35 followed by 1.34 and 1.33, respectively. The entire structure reveals that a potential right shoulder is in the making between 1.3600/50; for a head and shoulder reversal.
Trade Recommendations:
Remain short, look to sell further rallies, stop at 1.38, target at 1.29.
Good Luck !
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EUR/USD pulls back from 1.3620/30 levels. Remain short . Thanks for your support on EUR/USD pulls back from 1.3620/30 levels. Remain short
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