Technical outlook:
EURUSD is testing lows at 1.0989 after bouncing back by 3 pips. Looking ahead, the pair may fall below 1.1027 or edge higher to 1.0992/93. Now the pair is at 1.0992/93 and bulls are back in control or the recent short term rally is just a correction. EURUSD may continue to slide down towards 1.0940 before reversing higher again. Also note that the existing bullish structure would remain intact as long as EURUSD bulls manage to keep prices above 1.0879 levels which is marked as a meaningful bottom. A break above 1.1027/30 will confirm that the corrective drop from 1.1097 levels has a bottom in place at 1.0992/9 and that the pair is likely to reach new highs above 1.1180 levels. It is a safe strategy to hold long positions for now and also buy more if prices manage to reach 1.0940 levels.
Trading plan:
Remain long against 1.0879, target is above 1.15
Good luck!
