Technical outlook:
The 4H chart for EUR/USD has been again presented here for a larger picture. Please note that the single currency has approached 1.1325 levels as discussed and expected. An intraday high has been print at 1.1340 levels before reversing lower again. Also make note that prices have reached resistance at fibonacci 0.618 levels of the boundary between 1.1420 and 1.1175 levels respectively. It remains to be seen if the bearish signal produced here is enough to resume lower again. Otherwise, bullish momentum continues towards 1.1420 level going forward. Immediate price resistance is seen at 1.1420, while support is seen at 1.1175 levels respectively. If bulls manage to push higher and take out 1.1420 levels, it would be a clear indication of a potential trend change. On the flip side, if prices continue to drift lower from here, the next stop could be seen around 1.0960 levels.
Trading plan:
Remain flat for now. An aggressive trader could go short with stop at 1.1420 levels.
Good luck!
