Technical outlook:
The EUR/USD pair is nearing to a major low formation either today or tomorrow. A number of factors are signaling a potential bullish reversal from close to 1.0880 levels. The single currency pair has tested 1.0882 today and is now trading at 1.0898 at this point in writing. The ending diagonal structure is into its 5th wave and a test has been made of the diagonal trend line connecting waves 1 and 3. Furthermore, a bullish divergence on the daily RSI is also calling for a swift reversal ahead. Ideally, a rally breaking past 1.1110 should be on cards now. Trading point of view, an aggressive long position could be taken against 1.0800/20 levels. A break above immediate resistance at 1.0967 levels also confirms that a meaning low could be in place at 1.0882.
Trading plan:
Long against 1.0800/20, target is open.
Good luck!
