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Technical outlook:
EURUSD formed an interim low at 1.1110 yesterday before pulling back again. The pair is seen to be trading at 1.1130 level at this point of writing. It may push above 1.1200. Please note that immediate resistance is seen at 1.1174, and bulls need to break above that to confirm that a meaningful bottom is in place. It is highly probable that EURUSD continues to correct lower from here at least towards 1.1060 level which is Fibonacci 0.618 retracement/support of the recent upswing between 1.0981 and 1.1200 levels respectively. The medium term structure continues to remain bullish until prices stay above the 1.0879 support; and a safe trading strategy is to keep buying on dips for a potential upside target above 1.1500 levels. Also keep in mind that prices could drop below 1.0981 level if a more complex corrective structure is underway. It would keep the existing bullish structure intact.
Trading plan:
Remain long against 1.0879 and also add further on dips, target is 1.1500
Good luck!
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