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Technical outlook:
The EUR/USD pair drops closer to 1.1700 levels, just a few pips away now from the expected levels. The structure still remains intact for bears to continue dropping lower but it is recommended to take profits around the 1.1680/1.1700 levels. Please also note that fibonacci 0.618 support comes in around the same price hence an interim bounce can be expected before the drop may continue. The wave count also suggests that the pair is either carving out a corrective A-B-C drop or it would continue dropping and unfold as an impulse. Please keep the bigger picture in mind that EUR/USD may drop towards 1.14 and lower as well as discussed during early this week. Support comes in around 1.1700 levels, while resistance lies around 1.1850 levels.
Trading plan:
Please remain short and look to take maximum profit at 1.1700 levels.
US Dollar Index chart setups:
Technical outlook:
The US dollar index is approaching our soft targets defined around 94.10/20 levels as discussed earlier. Please look to take maximum profits around those levels and be prepared for a corrective drop to go long again. Also note that the Fibonacci 0.618 resistance of earlier drop is also passing through 94.10 levels and a temporary bearish reaction is expected there. The wave structure also indicates that the index is carving out an A-B-C corrective rally from 92.50 levels or it is unfolding into a 5 wave impulse. Let us remind to please keep the bigger picture in mind that indicates the US dollar index may be ready to push through 95.00 and higher levels after a corrective drop. Resistance is seen at 94.20 while support lies at 92.50.
Trading plan:
Please remain long and look to take maximum profits around 94.10/20 levels.
Fundamental outlook:
Watch out for US Non farm payrolls coming in at 08:30 am EST
Good luck!
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