Technical outlook:
The EUR/USD pair is seen to be trading around 1.1090 levels after printing lows at 1.1075 yesterday. It is still testing the support trend line and could print yet another low around 1.1065 levels before turning bullish again. However, if prices manage to break past 1.1125 levels without breaking below 1.1075, it could be confirm that a meaningful higher low is in place. We are expecting a bullish bounce from either of the 2 levels discussed below: 1. From 1.1065 levels which is Fibonacci 0.618 support of the recent rally between 1.0994 and 1.1180 respectively. 2. From 1.0994 levels which is a convergence of Fibonacci 0.618 retracement of the entire rally between 1.0879 and 1.1180 levels respectively; along with the past resistance turned support zone. In either case, EURUSD bulls remain poised to take back control and push through 1.1250/60 levels in the immediate future. The above structure would hold bullish momentum until prices stay above 1.0879 levels.
Trading plan:
Remain long for now against 1.0879, targeting 1.1250. 1.1450 and higher.
Good luck!
