Technical outlook:
We have presented the daily chart for EUR/USD since August 2018. It is seen that the currency pair has been in a consolidation or sideways movement since 1.1300 lows in August 2018. A probable wave structure presented here could be an A-B-C expanded flat, which can push prices higher towards 1.1800/20 levels. In the above case, Wave C is being produced and the recent boundary could be between 1.1215 and 1.1569 levels respectively. Note that prices are finding support at fibonacci 0.786 retracement and a bullish reversal here should be encouraging for the above structure. Immediate support is seen at 1.1215, while resistance is around the 1.1600 levels respectively. As an alternate, if prices drop below 1.1215 levels, watch out for support coming in around 1.1150/80 levels respectively. In either case, EUR/USD is poised for a rally from current levels or from around 1.1160/80 levels, going forward.
Trading plan:
Long around 1.1180 levels, stop below 1.1150, target is open.
Good luck!
