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Technical outlook:
Yesterday, the EUR/USD pair managed to test recent swing highs around the 1.1280/2 levels. The EUR bulls failed to hit another high unlike its counter US Dollar Index which had made a swing low as expected. We would still give a chance for a push through the 1.1320 level before pulling lower again, but would refrain from holding long positions going forward. Aggressive traders who went long earlier, please close and book profits now. The wave structure still has an impulse drop as highlighted here, followed by the corrective rally a-b-c which might be completed or could hit another high close to the 1.1320 level. It is safe to initiate short positions now around the level of 1.1320 going forward. Resistance remains strong at the 1.1412 level, while interim support is at the level of 1.1180 respectively. Selling on rallies remains an ideal trading strategy for now, though line in the sand is still at the level of 1.1412.
Trading plan:
Short deals at the 1.1261 and 1.1320 levels with a stop at 1.1412, target is open.
Good luck!
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