Technical outlook and chart setups:
An hourly chart setup has been depicted here for EUR/USD, to determine short-term resistance and support levels and find a potential entry. The pair seems to have possibly made bottoms around 1.0660/70 levels as seen here. A break above 1.0720 levels would confirm that a short-term low is in place at 1.0660 and the pair is headed higher towards at least 1.0860 levels (towards intermediary resistance line). It is recommended to initiate long positions on dips after 1.0720 levels break with risk at 1.0600. On the flip side, a drop below 1.0660 levels could be sold with risk at 1.0720. Immediate support is seen at 1.0650 (interim), while resistance is seen at 1.0720 levels respectively.
Trading recommendations:
Flat for now. Sell below 1.0660, stop at 1.0720 or buy on dips after 1.0720 breaks.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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