Technical outlook:
EUR/USD is seen to be trading around 1.0821/22 levels at this point in writing and is expected to breakout of trading range. It has been drifting sideways for a few weeks now and a breakout is imminent. Immediate resistance is seen towards 1.1020 levels and a break there would shift focus towards 1.1150 respectively. The recent boundary still remains between 1.0636 and 1.1150 respectively and bulls would remain inclined to print above 1.1150 to trigger a bullish breakout. The overall structure is expected to remain constructive for bulls until prices stay above 1.0636, going forward. EUR/USD has found interim support at 1.0730, which is close to fibonacci 0.618 retracement of the previous rally. Only a break below that would delay matters further, for bulls to push through 1.1500 handle.
Trading plan:
Keep up long, stop @ 1.0630, target is 1.1500.
Good luck!
