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Technical outlook:
The EUR/USD pair continues its rally having retraced to expected levels again. Please, watch for intraday support to come in towards 1.1100 levels and then a little retracement from these levels. Also keep in mind that the pullback can dig in a little lower towards 1.1085 levels as well. Consider these dips as opportunities to initiate long positions against 1.0879 (major support0 or at least 1.0940 levels with a potential target above 1.1250 levels in the short term. Also note that previous resistance is also at 1.1250 as indicated on chart and bulls should remain poised to take out those highs before pulling back. The EUR/USD rally has still got enough steam to proceed towards 1.1450/1.1500 levels in the medium term. Hence, buying on dips remain a favorable trading strategy. In case a meaningful short term top is in place at 1.1180 levels, a deeper retracement could occur towards 1.1000 levels as well. However, we should expect a corrective phase so that the pair may resume bullish mometum.
Trading plan:
Remain long from 1.1110/20 and buy more at lower levels, stop at 1.0879, target is 1.1250. 1.1450.
Good luck!
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