Technical outlook and chart setups:
The EUR/USD pair dropped lower today towards the 1.1200 levels, before bouncing back up again. The pair is testing its 50-day moving average for now around the 1.1220 levels and looking to rally again. As depicted here, the pair could push higher towards the 1.1350 levels (resistance line of consolidation) at least, before reversing lower. It is hence recommended to remain long for now with risk below the 1.1100 levels. Immediate support is seen at the 1.1100 levels followed by 1.1000 and lower, while resistance is seen at the 1.1450 levels followed by 1.1700 and higher respectively.
Remain long for now, stop is at 1.1100, target is 1.1340.
The material has been provided by InstaForex Company – www.instaforex.com