Technical outlook:
The EUR/USD pair has been trading sideways and is expected to break lower anytime after testing resistance just around 1.1188 levels. As depicted on the 4H chart above, the trading range is between 1.1282 and 1.1100 respectively. The EURUSD pair might be preparing for a test of fibonacci 0.618 resistance seen at 1.1210/15 levels, before reversing lower again. This is not a certain event but selling on rallies is a preferred trading strategy for conservative traders. Immediate price resistance is seen through 1.1282 levels and we would like to keep things simple towards the downtrend until that resistance is breached. Please also note that just a break of 1.1282 would not be enough to confirm that the trend has reversed, but at least for the medium term there could be a change of tracks. We shall bring this scenario when the price action confirms. For now, Wave 3 could be well in progress with lower levels in picture.
Trading plan:
Aggressive trade is to remain long against 1.1100, target is 1.1200
Conservative trade is to sell around 1.1200/10, stop at 1.1285, target is open.
Good luck!
