Technical outlook:
EURUSD continues to oscillate within its trading range between 1.0500 and 1.0600. The single currency pair is seen to be trading close to 1.0560 at this point in writing and is expected to drag through the lower border around 1.0500-10. Bulls will remain poised to be back in control thereafter. Ideally, prices should hold above 1.0350 to keep the bullish scenario intact.
EURUSD is unfolding a larger degree corrective rally towards 1.0950 in the near term. Bulls have managed to carve first and second waves around 1.0786 and 1.0360 earlier. If the above structure holds well, the third wave has already begun against 1.0360 and is expected to terminate close to 1.1100.
EURUSD seems to be trading within a triangle consolidation for the last few trading sessions and needs to break above the 1.0600-10 range to confirm bullish acceleration. Also, note that 1.1100 is close to the Fibonacci 0.382 retracement of the earlier drop between 1.2266 and 1.0350. The high probability remains for a turn lower thereafter.
Trading plan:
Potential rally through 1.1100 against 1.0300
Good luck
