Technical outlook:
We have presented an hourly chart for EUR/USD to have a short-term outlook of potential price action. As seen here, after last weeks rally, EUR/USD seems to be stalling around 1.1440/50 levels. Please also note that initial resistance was taken out at 1.1390/1.1400 levels earlier. Giving the edge to bullish setup for now, we reckon that a recent boundary being worked upon is between 1.1289 and 1.1450 levels respectively. Having said that, a counter-trend drop can be expected towards a fibonacci support level as depicted on the chart view here. Potential price support could come in around 1.1350 levels, which is fibonacci 0.618 support as seen here. Immediate resistance could be seen at 1.1450 /60 levels, while support is at 1.1389 levels respectively.
Trading plan:
Aggressive setup could be to short now, with risk above 1.1450, target 1.1390, 1.1370
Good luck!
