Technical outlook:
EUR/USD continues to remain bullish after the single currency pair carved a higher low at 1.0730 levels last Friday. At this point in writing, EUR/USD is seen to be trading around 1.0867 levels and might retrace lower towards 1.0787 levels before the rally could resume. Please note that prices have already broken into the buy zone of the resistance line and it could continue higher. The recent boundary being worked upon is still between 1.0730 and 1.0889 levels. The fibonacci 0.618 retracement of the recent upswing is seen towards 1.0788 and if prices manage to reach there, it could be yet an other opportunity to initiate long positions. Immediate resistance is now seen at 1.0990, while interim support remains around 1.0730 levels respectively. The overall outlook remains bullish until EUR/USD trades above 1.0636.
Trading plan:
Remain long, stop @ 1.0636, target is 1.1500
Good luck!
