Technical Outlook:
EUR/USD is consolidating since yesterday after printing highs at 1.1090. The structure remains unchanged for now with the single currency pair seen to be trading around 1.1070 levels. Please expect one more high above 1.1090 before any meaningful retracement is produced. Besides, note that EUR/USD might have already formed a meaningful low at 1.0991 last week and the pair is now expected to stay above that. The 1.0990/95 zone was well supported by the previous resistance which turned into support and also fibonacci convergences as highlighted here. At the moment, the recent boundary that is worked upon is between 1.0991 and 1.1090 levels. Any pullback or retracement should be well capped above 1.0991 levels and a bullish turn is expected from around 1.1029 levels, which is fibonacci 0.618 of the rally. This drop should be seen as an opportunity to initiate fresh long positions against 1.0991 levels. Going forward, the upside potential remains through 1.1500 levels at least.
Trading plan:
Remain long against 1.0879 or 1.0991 with targets above 1.1500
Good luck!
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