Technical outlook:
EURUSD might have print an interim high at 1.1116, which could hold for at least a few trading sessions. We are expecting at least a retracement from current levels towards 1.1030, before finding support to resume rally. As discussed yesterday, probability also remains for a dip below 1.0981 levels to complete a complex corrective drop that began from 1.1180 levels earlier. In either case, expect a brief correction from current levels before the medium term bullish trend could resume. The larger wave which is being worked upon is between 1.0879 and 1.1181 levels respectively and until prices stay above 1.0879, the structure remains in favor of bulls. Immediate price support is also seen at 1.0940 along with Fibonacci 0.786 retracement of previous rally. A drop towards 1.0940 cannot be ruled out, and if prices manage to reach there, a sharp bullish reversal can be expected.
Trading plan:
Remain long and add further around 1.0940 levels, stop at 1.0879, target is 1.1500
Good luck!
