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Technical outlook:
The EUR/USD pair looks to be preparing to push higher towards 1.1144/80 levels in the next few trading sessions. The wave structure indicates that EUR/USD is producing at least a corrective rally, that had begun from 1/0925 levels earlier. As labelled here, Waves 1 and 2 seem to be complete while Wave 3 is in progress. Please note that wave ii has dropped to fibonacci 0.618 support of wave i, terminating at 1.0990 levels earlier. Ideally, prices should remain above 1.0990 going forward and push through 1.1145/80 levels, to terminate potential wave 3. EURUSD is still expected to rally which is likely to unfold into 5 waves pushing higher. This would confirm that a meaningful top is in place at 1.0990. Intermediate resistance is seen at 1.1110, while potential support is at 1.0990 levels respectively. Trading point of view, one could remain long with risk at 1.0990 levels.
Trading plan:
Long now @ 1.1069, stop @ 1.0990, target @ 1.1145 and 1.1180
Good luck!
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