Technical outlook:
EURUSD took out resistance at 1.1091 yesterday by printing intraday highs at the 1.1097 levels before reversing sharply lower. The medium wave structure remains constructive for bulls with a low at 1.0990 as highlighted here. Any intraday pullbacks or retracements are likely to remain well capped ahead of 1.0990 as discussed yesterday. With the medium term outlook, there could be a corrective drop in the immediate short term or intraday outlook. As shown here, the recent boundary is between 1.0990 and 1.1097 levels respectively. A corrective drop could drag prices lower towards 1.1030 levels before the proposed rally could resume. Also note that 1.1030 is also Fibonacci 0,618 support and quite significant in terms of a potential bullish reversal. Trading point of view, please remain long against 1.0879 and wait for the 1.1030 level.
Trading plan:
Remain long against 1.0879, target above 1.1500
Good luck!
