Technical outlook:
The EUR/USD is seen to be bouncing off the support trend line to the lows of 1.0879 and 1.0991 respectively. Looking at the wave structure since 1.0879 lows, the bulls have been in control and possibly may continue to print higher highs. As projected here, the immediate upside target is expected to be above 1.1250 levels in line with previous resistance. Major support still remains at 1.0879. Prices should remain above that level with the resistance at 1.1250/60 levels. On the flip side, if prices break below 1.1074, which is possible until below 1.1125, it would indicate that the EUR/USD pair is working on a larger boundary between 1.0879 and 1.1180 to be retraced. In that case prices might drop through 1.0994 levels, which is also the 61.8% retracement, before the bullish outlook resumes.
Trading plan:
Remain long against 1.0879, target is open.
Good luck!
