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Technical outlook:
The EUR/USD tested 1.1260 yesterday, the previous swing highs, before pulling back lower to 1.1220. The pair is seen to be trading around 1.1240 levels for now, looking to drop towards 1.1200 level going forward. Besides, be prepared for yet another climb above 1.1260, which could push EUR/USD higher towards 1.1280/1.1320 levels, before reversing lower again. Trading opportunities seem to be on both sides for now, with aggressive traders on the long side and conservative traders waiting to go short. Immediate support is seen at 1.1170 levels while interim resistance is seen just above 1.1260 levels. A break below 1.1170 levels from here, would confirm that a meaningful top could be in place; while a push above 1.1260 levels would indicate further potential remains towards 1.1280/1.1320 levels. Please note the fibonacci convergence also seen at 1.1320 levels, making it a great opportunity to go short again.
Trading plan:
Aggressive traders remain long with stop at 1.1170 and target 1.1280/1.1350 levels while conservative traders remain flat and look to sell at higher levels.
Good luck!
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