Technical outlook:
EURUSD has pulled back to 1.0985 mark by the time of writing after finding resistance around 1.1070 levels on Monday. The single currency pair is said to be trading around intraday support zone and is expected to resume its rally soon. Immediate price support is seen around 1.0900, while resistance comes in around 1.1130-40 levels respectively.
EURUSD is currently working on its recent upswing between 1.0900 and 1.1130-40 mark as discussed earlier. Furthermore, the currency has dropped through its fibonacci 0.618 retracement around 1.0990 mark. High probability remains for a bullish bounce from current levels and push towards 1.1300 and 1.1500-50 levels going forward.
EURUSD has also retraced a larger degree upswing between 1.0636 and 1.2350 levels as discussed earlier. It has found support around the Fibonacci 0.786 retracement of the upswing and produced a Morning Star candlestick pattern as well. If the above structure holds well, the next potential larger degree target is above 1.2350.
Trading plan:
Potential rally through 1.1500 against 1.0700
Good luck!
