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Technical outlook:
EURUSD continues to drift sideways within a tight range, attempting to find bottom close to 1.1060 level. In the short-term, intraday resistance should be seen at 1.1150/60 levels. A bearish bounce may occur if the prices manage to reach these levels.The overall structure remains bullish until prices stay above 1.0879 and the projected upside target is above 1.1500. In the immediate short term, the recent rally between 1.0981 and 1.1200 levels will take place. The pair is expected to find support near the 61.8% Fibonacci level around 1.1060. The euro is expected to bounce towards 1.1150 from current levels at 1.1115 before bears take control back and drag prices lower towards 1.1060. A bullish reaction can be expected at 1.1060 and it should be considered as another opportunity to open long positions.
Trading plan:
Remain bullish and buy more around 1.1060, stop at 1.0879m target 1.1500
Good luck!
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