Technical outlook:
EUR/USD has dropped close to the expected 1.1070 level today, before bouncing back sharply. The single currency pair is seen to be trading at around 1.1105 levels at this point in writing and could possible continue rallying further from here. Immediate resistance is seen at 1.1160/70, and a break above that would confirm that a meaningful bottom is in place at 1.1075. Also note that prices have found support around the fibonacci 0.618 retracement of the recent upswing between 1.0980 and 1.1240 respectively. Hence a significant bullish turn from todays' lows remains a high probability. On the flip side, if prices drop lower towards 1.1050 and further, please consider further buying since the bullish scenario remains intact. Immediate price support is at 1.0980 followed by 1.0879 and until prices stay above 1.0879, EUR/USD is poised to push through higher levels. The potential upside remains at 1.1500, 1.1800 and further.
Trading plan:
Remain long and buy more towards 1.1050, stop at 1.0879, target above 1.1500
Good luck!
