Technical outlook:
EUR/USD rallies past 1.1025 today, opening doors for further push towards 1.1150 in the short term. The single currency pair is seen to be trading at intraday's high around 1.1025 at this point in writing and is expected to continue printing higher highs and higher lows. The overall structure remains bullish until 1.0636 lows remain intact. Immediate support is around 1.0930/40, while interim resistance is seen towards 1.1150 respectively. The recent boundary being worked upon is between 1/0775 and 1.1030 respectively. The fibonacci 0.618 retracement of the recent upswing is seen towards 1.0875 levels and EUR/USD could drop until there, before turning bullish again. In the long term, expect bulls to remain in control and push prices higher towards 1.1500.
Trading plan:
Take partial profits on long positions taken earlier @ 1.1020. Buy again lower @ 1.0875, stop @ 1.0630, target is 1.1500.
Good luck!
