Technical outlook:
EURUSD is likely to push towards 1.1145 and 1.1185, and a break above 1.1110 would confirm this direction. Looking at the wave structure, Wave (3) seems to be unfolding since 1.0927 lows in place early last week. Please note that sub-waves 1 and 2 of (3) are in place at 1.1110 and 1.0990 respectively and EURUSD should remain above wave 2 termination at 1.0990. Interim resistance is seen at 1.1110 while support at 1.0990 respectively. A push through 1.1075 should accelerate the proposed rally. It is difficult to confirm right now but potential remains that a meaningful low is in place for EURUSD at 1.0925. Trading point of view, longs are favored until prices remain above 1.0990 and 1.0925.
Trading plan:
Remain long, risk below 1.0990 or 1.0925, target 1.1145 and 1.1183 at least.
Good luck!
