Technical outlook:
EURUSD pulled back a bit after pushing through 1.1120 level last Friday. The single currency is seen to be trading around 1.1060 level at the time of writing and is looking to carve a higher low above 1.0900 mark in the near term. Bulls need to keep prices above 1.0800 to keep the bullish structure intact.
EURUSD is working upon its recent upswing between 1.0900 and 1.1137 levels. It could find strong support around 1.0990-1.1000 zone, which is the Fibonacci 0.618 retracement of the above upswing. Even if prices drop below 1.0900 before finding support, the structure would continue to remain bullish. Bottom line is 1.0800 low, which should remain intact.
EURO bulls are inclined to push higher through 1.1500 resistance in the near term. A break above that would confirm that bulls are back in control for long term and it is good to buy on dips thereafter. Only a consistent drop below 1.0800 will delay the proposed rally bringing back bears into control again.
Trading plan:
Potential rally towards 1.1500 against 1.0700
Good luck!
