Technical outlook:
EUR/USD structure remains unchanged from what was discussed yesterday, except for the fact that prices have dropped below 1.1100 levels as expected. The EUR/USD pair made lows at 1.1064 yesterday in line with expectations, also finding support at fibonacci 0.382 levels. It should be noted that a minimum drop below 1.1073 was required to complete the flat corrective structure and a bullish reversal is possible anytime now. Having said that, an ideal price to look out for a bullish turn would be close to 1.1000/30 levels, which is fibonacci 0.618 retracement of the rally between 1.0879 through 1.1180 levels earlier. Immediate price support comes in at 1.0995 levels, while interim resistance is seen at 1.1180 respectively. The EUR/USD pair has already entered its support zone between 1.1065 and 1.1000 as defined by the fibonacci retracement levels here. The most popular currency pair should remain bullish until above 1.0879 levels, going forward.
Trading plan:
Remain long from between 1.1000 and 1.1065, stop at 1.0879, the target is open.
Good luck!
