Technical outlook:
The EURUSD pair dropped lower again below 1.1107 as expected and discussed earlier. The minimum criteria might be achieved for a meaningful bottom in place or maybe another swing lower. In both cases, the price needs to produce a pullback rally at least towards 1.1220, if not further. Looking at the wave structure, a probability of the price pushing higher either as a retracement or towards an intermediary high is seen. We would like to change our bearish stance for a while and focus on the bullish possibility here. It is therefore suggested to open long positions against 1.1100 with a potential push towards 1.1120 as high probability. Immediate resistance is seen through 1.1282/90 levels. Till the time the price stays below that, we can expect the pair to make lower lows. A break above 1.1282 would indicate a potential bullish reversal for the medium term.
Trading plan:
Remain long from 1.1130/40 levels, stop below 1.1100, target is open.
Good luck!
