Technical outlook:
EUR/USD had rallied through 1.1422 recently, before pulling back lower again. The single currency pair is seen to be trading around 1.1250 levels at this point in writing and is expected to drop further. Interim resistance is seen at 1.1348 levels, followed by 1.1422; while support is seen at 1.1167 respectively. Please note that EUR/USD has reversed from 1.1280/85 yesterday, which is fibonacci 0.618 retracement of the recent drop between 1.1348 and 1.1190 respectively. The recent boundary which is being worked upon is between 1.1422 and 1.1167, and 1.1348 was fibonacci 0.618 retracement. It is good to exit long positions taken earlier and enter on the short side with risk above 1.1422 levels, going forward.
Trading plan:
Exit long positions. Short now @ 1.1250, stop @ 1.1422 and target is open.
Good luck!
