Technical outlook:
Yesterdays' drop to 1.0909 levels in EURUSD had eliminated bullish pressure but downside remains limited as proposed ending diagonal structure is near to completion. A Fibonacci 0.618 target has been met at 1.0914 levels which could be the termination of wave c, within the a-b-c of wave v. The support trend line connecting waves i and iii of the diagonal is passing through 1.0880 levels. Hence, even in case of a test, it would be limited from where prices are trading at present (1.0924). Immediate price resistance is seen at 1.0967 levels and a break above that followed by 1.1024/25 would confirm a meaningful bottom in place. Furthermore, indicators (not shown here) are producing a bullish divergence on major timeframes, indicating a potential change in trend.
Trading plan:
Remain long with a stop at 1.0830, the target is open.
Good luck!
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