Technical outlook:
EUR/USD is seen to be trading at around 1.1093 levels at this moment of writing after printing lows at 1.1070 yesterday. The pair still remains extremely close to the fibonacci 0.618 retracement of recent upswing between 1.0980 through 1.1240. A bullish reversal remains the high probability from current levels, but please do not rule out yet another dip towards 1.1017 before a major turn. It looks like a complex correction is underway since 1.1240 and yet another drop might be required before euro bulls are back in thh market again. I expect a short rally towards 1.1130/35 levels from here before EUR/USD could turn lower again. Please note that the channel support is also seen towards the 1.1010 levels, which should be encouraging to bulls. While the overall bullish structure remains intact until EUR/USD stays above 1.0879, we expect yet another shallow drop in the short term before a major uptrend towards 1.1500 could resume.
Trading plan:
Remain long, stop @ 1.0879, target 1.15
Good luck!
