Technical outlook:
EURUSD is trading sluggishly without any pronounced dynamics during the last several sessions. It is trading around 1.1010 levels at this point in writing with potential for another marginal low below 1.0992. However, it may reverse. Unless bulls are able to break beyond 1.1030 levels from here, EURUSD remains vulnerable to drop lower at least to 1.0980, and up to 1.0940, before finding a meaningful support. Please note that the recent boundary that is being worked upon is still between 1.0879 and 1.1180 respectively. The current drop can be seen as correction till prices remain above 1.0930/40 levels which is the Fibonacci 0.786 support/retracement of the previous rally. Only if prices break break below 1.0940 levels, it should be a matter of concern to the existing bullish setup. Major support remains intact at 1.0879 levels for now and the risk for long positions remain just at that levels for now. Looking at the current wave structure, EURUSD is expected to find a bottom soon around 1.0940/80 levels, setting up stage for the next bull run.
Technical outlook:
Remain long against 1.0879 with targets above 1.1500 at least.
Good luck!
