Technical outlook:
The EUR/USD pair hit 1.1270 yesterday, having reached the anticipated target. We again present the hourly chart view with a probable direction, going forward. Considering the wave structure, the drop from 1.1412 would be probably develop in 5 waves if prices drop towards 1.1234 levels. In that case, we would revise our bullish outlook to sell on rallies with a risk above 1.1412. Please note that immediate resistance is seen at 1.1322 levels as depicted on the chart view. In the event that prices continue to rally from the current levels, keeping 1.1270 low as intact, we would consider going long again. Aggressive traders might want to initiate long positions if 1.1270 levels remain intact. We remain a bit cautious at this point a shall watch the price action before committing further. 1.1322 would remain decisive for a continued bullish trend.
Trading plan:
Take full profit on short positions, target hit. Remain flat for now.
Good luck!
