Technical outlook:
EURUSD remains low by just 2 pips to take out immediate resistance at 1.1092 and should be on its way to breakthrough. This could be another confirmation that a meaningful bottom is already in place at 1.0991. Only a break below 1.0991 should cause delay for the expected rally towards 1.1500 and higher levels. Since euro bulls found support from the Fibonacci convergence and past resistance turned support zone around the 1.0990/95 zones, the possibility of a bullish reversal is higher. Also note that any intraday pullbacks from current price action around 1.1077 levels should remain capped ahead of 1.0991 and that the retracement should be seen as yet another opportunity to initiate fresh long positions or add further. The overall structure from 1.0879 levels seems to be constructive for bulls with a rally between 1.0879 and 1.1180 followed by an up Gartley terminating around 1.1000 levels. Broadly speaking, 1.0879 remains the line for bulls to remain in control.
Trading plan:
Remain long and add on intraday dips, stop at 1.0879, target is open,
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com