Technical outlook:
The EUR/USD daily chart setups have been presented here with wave counts since January 2017. The bigger picture confirms that EUR/USD has already unfolded into 4 waves, and it is into the last wave at the moment. Also please note that the pair is into its final leg within the 5th wave as labeled here. It remains to be seen if the 4th wave has already terminated or is unfolding as a triangle or flat. If the 4th wave terminated at the 1.2205 levels earlier, a diagonal count also cannot be ruled out to unfold and terminate the 5th wave. We shall be updating as the waves unfold in the next few hours or days. Immediate price support is seen at the 1.2205 levels while the resistance is around the 1.2540 levels. The pair is also facing a long term trend line resistance around the 1.2600 levels soon so please watch out for a reaction there.
Trading plan:
Please look to sell rallies through the 1.2550/1.2600 levels.
Fundamental outlook:
ECB president Draghi delivers a speech today at 0900 AM EST.
Good luck!
