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Technical outlook:
The hourly chart has been again presented for EUR/USD to give an idea for the short-term wave outlook. Please note that the EUR/USD pair hit the first target at 1.1370 yesterday before pulling back lower. It is seen to be trading around 1.1349 levels at this moment and could produce a gartley pattern, dropping lower towards 1.1307 before resuming rally. Besides, the momentum seems to be fading on the north side with RSI reversing from just above the 60 mark. If we look at the wave counts, the rally from 1.1233 levels has already unfolded into 3 waves, suggesting a corrective move. Looking at the above facts, a short-term move, lasting for a few hours or 1-2 days could be lower towards 1.1300 and 1.1260 respectively. Still, the overall wave structure seems to be constructive for bulls, until prices remain above 1.1233 and broadly above 1.1215 levels respectively. Watch out for support coming in around 1.1260/1.1300 levels to turn bullish again.
Trading plan:
1. Take profits on long positions recommended earlier.
2. Aggressive traders go short @ 1.1350, stop at 1.1371, target 1.1300
3. Conservative traders stay aside and buy at 1.1260/1.1300 levels, stop below 1.1233 target is open.
Good luck!
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