Technical outlook:
EUR/USD has finally carved a higher low at 1.0730 levels on Friday. An engulfing bullish candlestick pattern has also confirmed potential bullish reversal from 1.0730 lows. Furthermore, EUR/USD has rallied through 1.0888 levels yesterday, taking out immediate resistance at 1.0886 levels. This has confirmed that the trend has reversed and bulls are in complete control. The recent boundary that is being worked upon is between 1.0730 and 1.0888 respectively. EUR/USD is seen to be trading around 1.0865 levels at this point in writing and is expected to drop lower towards 1.0790/1.0800 to complete its corrective phase. A bullish bounce from 1.0800 levels could be bought again with potential upside target towards 1.1500.
Trading plan:
Remain long, add further @ 1.0800, target @ 1.1500
Good luck!
