EURUSD is in a clear bullish trend since April and price is consistently moving upwards without any significant downside correction. A big correction is overdue for a long period of time. Resistance lies at 1.1710-1.1750 where lies the 38.2% retracement level of the fall from May 2014 highs to December 2016 lows. That's the major hurdle the pair will be facing at the moment. Maybe the prices touch that level and then return back but that's not the necessary case cause we are already overbought in EURUSD so the correction can start anytime. Initially I expect the price to test the trend line support, if that is broken then we can expect the price to move towards the cloud area at 1.12500-1.10500. Break of 1.1400 is necessary to confirm a move towards 1.12 area. Right now we have got some amazing level to short the pair and I think buying looks risky at the moment.
Recommendations: Short at 1.16600, Stop loss at 1.17500, Take Profit levels are 1.1450, 1.1330 and finally 1.1200.
Good Luck
Recommendations: Short at 1.16600, Stop loss at 1.17500, Take Profit levels are 1.1450, 1.1330 and finally 1.1200.
Good Luck