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Technical outlook:
The EUR/USD pair managed to form an interim low at 1.1200 levels yesterday, pushing higher by 40 pips to 1.1240 highs. It would be a good idea to take short-term profits or to bring stop loss to breakeven point. The pair could reverse lower from the current price action at 1.1240 or 1.1320 as depicted on the 4H chart here. As labelled on the chart here, the drop from 1.1412 through 1.1193 was in 5 waves, labelled as Wave A or 1. The subsequent rally stalled at fibonacci 0.382 retracement. Besides, the back side of support turned into resistance trend line. It is more or less confirmed that prices are expected to print yet another low below 1.1193 levels going forward. It remains to be seen whether a top is formed at 1.1286 or yet another high is possible above that before reversing lower. Aggressive traders might want to hold long positions but at least to bring stop loss to breakeven levels. Conservative traders may want to stay aside and sell on rallies through higher levels.
Trading plan:
Aggressive traders may hold long positions but bring stop to break even levels if possible.
Conservative traders take short term profit on long positions taken earlier and remain flat.
Good luck!
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