Technical outlook:
EURUSD is seen to be trading around the 1.0820/30 levels at this point in writing and is expected to resume its rally towards 1.1150 and 1.1500 respectively. After spending several trading sessions in consolidation, EURUSD might be preparing to break out of the trading range. Believe it or not, after such a consolidation, a breakout is usually sharp in either direction. In this case, probabilities remain for a bullish break as EURUSD is working upon an up swing between 1.0636 and 1.1150 respectively. The consolidation phase might be over around 1.0730 earlier, around the Fibonacci 0.786 retracement of the recent upswing, and that bulls might remain poised to be in control. EURUSD is trading close to 1.0800 levels and a bullish bounce is expected soon.
Trading plan:
Remain long, stop below 1.0630, target is open towards 1.1500.
Good luck!
