We prefer to go long in EUR/USD

FX:EURUSD   Euro / U.S. Dollar
EUR/USD has retreated after making high of 1.2568 level. It is trading between Schiff pitchfork channel for the past 10 trading session. The major support is around 1.2225-40 and any trend reversal can happen only below that level.

On the upper side minor resistance is around 1.2336 and any break above will target 1.2385/1.2430.
The Short term trend reversal happens only above 1.2600.

The break below of major support would extend loss to 1.2200/1.2047 (161.8% retracement of 1.2246 and 1.2568).

Recommendation: Buy EUR/USD around 1.2250, SL 1.2225, Target 1.2385.


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