Technical outlook:
EURUSD short term update has been presented here on a 15 minutes chart. After having formed a potential bottom around the 1.0633 levels last week, EURUSD has gained almost 300 pips going close to 1.0900 level. The recent uptrend is set to continue further but after a minor intraday pullback towards 1.0740/1.0690 levels. The boundary which is being worked upon is between 1.0633 and 1.0885, as a corrective drop is expected to terminate around the retracement ratios marked here. The most probable levels are the Fibonacci 0.618 retracement seen at 1.0730, where a bullish bounce is expected and the rally to continue. Also note that a Fibonacci convergence is seen around the 1.0688 level which is also the Fibonacci 0.786 retracement of the previous rally. A bullish bounce at the convergence ratio could be considered as encouraging for bulls to continue higher. Only a drop below 1.0633 will nullify the above bullish scenario.
Trading plan:
Look to buy at 1.0730 and 1.0688, stop at 1.0630 target.
Good luck!
