Technical outlook:
EURUSD has dropped to 1.0727/30 levels today before reversing sharply. The pair moved up by almost 80 pips from today's low. It is trading around 1.0810 at this point in writing. Please note the rectangle box marked on the chart since yesterday; it is Fibonacci 0.786 retracement of the previous rally from 1.0636 lows through 1.1150 intermediary highs. The overall outlook still remains bullish with the price producing Morning Star candlestick pattern at this moment. The pair is expected to hold above 1.0636 support. Immediate resistance is seen at 1.0846 level, while support is around 1.0636 respectively. The pair may rise to 1.1500 level in the next few weeks time.
Trading plan:
Remain long with stop at 1.0636, target is 1.1500.
Good luck!
