Technical outlook:
EURUSD has raised throgh 1.1390 zone intraday on Monday before pulling back. The single currency pair is seen to be trading around 1.1260 mark at this point in writing and is expected to find support close to 1.1330-40. Prices need to clear above 1.1500 to confirm that its corrective drop is complete and bulls are back in control.
EURUSD has carved its recent upswing between 1.1120 and 1.1500 levels, which is being retraced. The currency pair is in a counter trend which could extend through 1.1200-50 range. Also note that the Fibonacci 0.618 retracement of its above upswing is seen through 1.1250 mark. High probability remains for the uptrend to resume thereafter.
EURUSD remains bullish until prices stay above 1.1120 mark. The currency faces intermediary resistance around 1.1500, followed by 1.1700, while support comes in around 1.1100 levels respectively. Bears are carving a potential Righ Shoulder of an inverted Head and Shoulder reversal, which could be around 1.1200-50 zone.
Trading plan:
Potential drop to 1.1250 first then rally toward 1.1700
Good luck!
