Technical outlook:
EURUSD seems to have finally bottomed at 1.0992. The immediate resistance for the short term has also been taken out and the single currency pair had rallied through 1.1031 levels before pulling back. The euro is seen to be trading around 1.1024 levels at this point in writing. It is likely to push beyond 1.1031 levels today before correcting lower. Please note that prices have bounced from the following convergences: 1. The 61.8% Fibonacci retracement previous rally between 1.0879 and 1.1240 respectively. 2. 0.618 extension of the counter trend drop from 1.1240 levels. 3. Elliott Channel support close to 1.1000 levels. The complex corrective structure has finally hit a bottom. So, bulls are expected to print new highs and lows from here. The upside target potential for EURUSD remains at 1.1500/1.1600, while prices should stay above 1.0879.
Trading plan:
Remain long, stop 1.0879, target is 1.1500
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com