Technical outlook:
EUR/USD bulls might have formed a meaningful low at 1.0991 levels yesterday. The single currency pair is seen to be trading at 1.1017/20 levels at this point in writing and should be looking to push beyond 1.1030 levels which is immediate resistance. Please also note that the euro has managed to bounce at the following convergences: 1. Elliot Channel support
2. 61.8% fibonacci retracement of the entire rally between 1.0879 and 1.1240
3. The 0.618 fibonacci extension of the counter-trend rally that began from 1.1240 earlier.
All these strong convergence supports are indicating that there is high probability for a bullish reversal from the current levels. Besides, the overall bullish structure remains intact as long as major support at 1.0879 holds firmly. A break above the channel resistance line at 1.1109 levels would be extremely encouraging to bulls. Upside targets remain intact above 1.1500.
Trading plan:
Remain long, stop @ 1.0879 target is 1.15
Good luck!
