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Technical outlook:
The EUR/USD pair is seen to be trading around 1.1044/50 at this point in writing. It is possibly carving out a flat corrective drop towards 1.0980 or potentially to 1.0960, before rallying further. At this juncture, we would assume the structure to be that of an A-B-C correction but a clear break above 1.1165 and subsequently above 1.1250 would confirm otherwise. Immediate price resistance is seen at 1.1165, while interim support is at 1.0925 levels respectively. If prices do not break below 1.1020, the proposed Wave C can unfold as an ending diagonal as well. It would be interesting to see how price action unfolds towards this corrective mode. Trading point of view, it would be good to remain flat for now and allow a drop towards 1.0980 at least before initiating longs for a Wave C higher. Please note that EUR might still not be out of woods and yet another low could be in the making, going forward.
Trading plan:
Remain flat for now, look to buy lower around 1.0980 levels.
Good luck!
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