Technical outlook and chart setups:
The EUR/USD pair is locked in a falling wedge consolidation pattern as depicted here. The pair is trading at 1.1182 now expected to rally through the resistance line, passing through the levels of 1.1340/50, before reversing lower. Bulls should remain in control until prices stay above 1.1100. It is hence recommended to initiate long positions now with risk just below 1.1100. Immediate support is seen at the level of 1.1100 followed by 1.10 and lower, while resistance is seen at 1.1340/50 followed by 1.1450 and higher.
Initiate long positions with stop at 1.1080, a target 1.1350.
The material has been provided by InstaForex Company – www.instaforex.com